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 as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Coronado Gardens Consumer Housing Cooperative, Inc. has elected to not use the 10% 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 Coronado Gardens Consumer Housing Cooperative, Inc., HUD Project No. 047-11112, under programs of the federal government for the year ended July 31, 2024. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) 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 Coronado Gardens Consumer Housing Cooperative, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Coronado Gardens Consumer Housing Cooperative, Inc..
Title: 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 are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Coronado Gardens Consumer Housing Cooperative, Inc. has elected to not use the 10% 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 are limited as to reimbursement. Coronado Gardens Consumer Housing Cooperative, Inc. has elected to not use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN 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.
De Minimis Rate Used: N
Rate Explanation: Coronado Gardens Consumer Housing Cooperative, Inc. has elected to not use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Coronado Gardens Consumer Housing Cooperative, Inc. has a U.S. Department of Housing and Urban Development 223(f) HUD-insured mortgage and a HUD flexible subsidy loan. The loan balances outstanding at the beginning of the year are included in the federal expenditures presented in the Schedule. The balance of the 223(f) HUD-insured mortgage (CFDA #14.155) outstanding at July 31, 2024 was $564,051. The balance of the flexible subsidy loan (CFDA #14.103) outstanding at July 31, 2024 was $332,212.