Notes to SEFA
Title: NOTE-A BASIS OF PRESENTATION
Accounting Policies: SEE NOTE-B
De Minimis Rate Used: N
Rate Explanation: SEE NOTE-D
THE ACCOMPANYINF SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS INCLUDES THE FEDERAL GRANT ACTIVITY OF HEART HOMES, INC., HUD PROJECT NO. 061-EH180-L8-WAH, UNDER PROGRAMS OF THE FEDERAL GOVERNMENT FOR THE YEAR ENDED MAY 31, 2024. THE INFORMATION IN THIS SCHEDULE IS PRESENTED IN ACCORDANCE WITH THE REQUIREMENT 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 HEART HOMES, INC., IT IS NOT INTENDED TO AND DOES NOT PRESENT THE FINANCIAL POSITION, CHANGES IN NET ASSETS, OR CASH FLOWS OF HEART HOMES, INC.
Title: NOTE-B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: SEE NOTE-B
De Minimis Rate Used: N
Rate Explanation: SEE NOTE-D
EXPENDITURES REPORTED ON THE SCHEDULE ARE REPORTED ON THE ACCRUAL BASIS OF ACCOUNTING. SUCH EXPENDITUES 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.
Title: NOTE-C U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM
Accounting Policies: SEE NOTE-B
De Minimis Rate Used: N
Rate Explanation: SEE NOTE-D
HEART HOMES, INC. HAS A LOAN UNDER SECTION 223(F) INSURED BY U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT. THE LOAN BALANCE OUTSTANDING AT THE BEGINNING OF THE YEAR IS INCLUDED IN THE FEDERAL EXPENDITURES PRESENTED IN THE SCHEDULE. HEAT HOMES, INC. RECEIVED NO ADDITIONAL LOANS DURING THE YEAR. THE BALANCE OF THE LOAN OUTSTANDING AT MAY 31, 2024 CONSISTS OF: 14.155 SECTION 223(F) $1,098,574
Title: NOTE-D INDIRECT COST RATE
Accounting Policies: SEE NOTE-B
De Minimis Rate Used: N
Rate Explanation: SEE NOTE-D
HEART HOMES, INC. HAS ELECTED NOT TO USE THE 10% DE MINIMUS INDIRECT COST RATE AS ALLOWED UNDER THE UNIFORM GUIDANCE.