Notes to SEFA
Title: Note 1 - 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. Pass-through entity
identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Parent 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 Cypress Hills Local Development Corporation, Inc. (the “Parent”, or collectively with the Subsidiaries and Affiliates, the "Organization") under programs of the federal government for the year ended June 30, 2023. 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 the Parent, it is not intended to and does not present the consolidated and combined financial position, changes in net assets, or cash flows of the Parent. All financial assistance received directly from the Federal agencies as well as financial assistance passed through other governmental agencies or nonprofit organizations is included on the Schedule.
Title: Note 3 - Indirect cost rate
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. Pass-through entity
identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Parent has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Parent has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Note 4 - Loan and loan guarantee programs
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. Pass-through entity
identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Parent has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the schedule. The balance of the loans outstanding at June 30, 2023 consists of:
Federal assitance listing number: 14.157
Program name: Supportive Housing for the Elderly (Section 202) Outstanding balance at June 30, 2023: $8,541,800