Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Grand Avenue ECDC Housing, Inc., HUD Project No. 067-HD087, and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2, U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the presentation of, the basic financial statements. The Organization has elected to use 10% de Minimis cost rate.
As disclosed in the notes to the financial statements, the Capital Advance is a forgivable, non-interest bearing loan.
De Minimis Rate Used: Y
Rate Explanation: The Auditee elected to use 10% de Minimis cost rate.