Notes to SEFA
Title: Note A - 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 limited as to reimbursement. Southwicke Square Cooperative has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.`
De Minimis Rate Used: N
Rate Explanation: Southwicke Square Cooperative has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Southwicke Square Cooperative under programs of the federal government for the year ended May 31, 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 Southwicke Square Cooperative, it is not intended to and does not present the financial position, change in net assets, or cash flows of Southwicke Square Cooperative.
Title: Note B - Summary of Significant Accounting Policies
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 limited as to reimbursement. Southwicke Square Cooperative has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.`
De Minimis Rate Used: N
Rate Explanation: Southwicke Square Cooperative has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
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 limited as to reimbursement. Southwicke Square Cooperative has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Note C - 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 limited as to reimbursement. Southwicke Square Cooperative has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.`
De Minimis Rate Used: N
Rate Explanation: Southwicke Square Cooperative has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Southwicke Square Cooperative has received a U.S. Department of Housing and Urban Development direct loan and a flexible subsidy loan agreement. The loan balances outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Southwicke Square Cooperative received no additional loans during the year. The balance of the loans outstanding at May 31, 2024 is as follows:
CFDA Number Program Name Balance as of May 31, 2024
14.135 Direct 223(f) Loan $ 1,758,648
14.142 Flexible Subsidy Loan $ 1,079,987