Notes to SEFA
Accounting Policies: NOTES TO SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
Year ended March 31, 2024
NOTE A- BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards includes the federal awards includes the federal activity of COCAA SEMINOLE DEVELOPMENT, INC., HUD Project No. 117-EE046, and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the uniform guidance, Audits of States, Local Governments, and Non-Profit Organizations. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the presentation of, the basic financial statements.
NOTE B- EXPENDITURES
Total federal awards expended include current year accrued Section 8 Project Rental Assistance Contract and Section 202 Capital Advance at inception of the Project. No payments of principal or interest are due under the capital advance as long as the project is made available to low-income persons with disabilities. In addition, after 40 years the mortgage is considered paid in full.
De Minimis Rate Used: N
Rate Explanation: NOTE C – INDIRECT COST
The Project has elected not to use the 10-percent de minimus indirect cost rate allowed under the Uniform Guidance.