Notes to SEFA
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 as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Christopher Homes, Inc. has received a U.S. Department of Housing and Urban Development loan guarantee under Section 223(f)/207 of the National Housing Act. The loan balance at the beginning of the year is included in the federal expenditures presented in the Schedule. Christopher Homes, Inc. received no additional loans during the year. The balance of the loan outstanding at June 30, 2024 consists of: See the Notes to the SEFA for table.
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 as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Christopher Homes, Inc. under programs of the federal government for the year ended June 30, 2024. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Christopher Homes, Inc. it is not intended to and does not present the financial position, changes in net assets, or cash flows of Christopher Homes, Inc.