Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited in reimbursement.
De Minimis Rate Used: N
Rate Explanation: Ann Tubbs Housing for the Handicapped, Inc. has elected not to use the 10 percent de minimus cost rate as allowed under Uniform Guidance.
The accompanying schedule of expenditures of Federal awards includes the Federal award activity of Ann Tubbs Housing for the Handicapped, Inc. (the "Organization") 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 Part 200, Uniform Administration Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance)". Because the schedule presents only a selected portion of the operations of the Organization, it is not indented to and does not present the financial position, changes in net assets, or cash flows of the Organization.
Title: U.S. Department of Housing and Urban Development loan program
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited in reimbursement.
De Minimis Rate Used: N
Rate Explanation: Ann Tubbs Housing for the Handicapped, Inc. has elected not to use the 10 percent de minimus cost rate as allowed under Uniform Guidance.
Ann Tubbs Housing for the Handicapped, Inc. has received a U.S. Department of Housing and Urban Development (HUD) direct loan under Section 207 pursuant to Section 223(f) of the National Housing Act. The loan balance outstanding at the beginning of the year is included in the Federal expenditures presented in the schedule. Ann Tubbs Housing for the Handicapped, Inc. received no additional loans during the year. See the Notes to the SEFA for balance of the loan outstanding at June 30, 2024.