Notes to SEFA
Title: A - ACCOUNTING BASIS
Accounting Policies: The accounting policies of Mystic River Homes, Inc. conform to accounting principles generally accepted in the United States of America as applicable to nonprofit organizations.
De Minimis Rate Used: N
Rate Explanation: Mystic River Homes, Inc. has not elected to use the 10% de Minimis indirect cost rate.
BASIC FINANCIAL STATEMENTS
The accounting policies of Mystic River Homes, Inc. conform to accounting principles generally accepted in the United States of America as applicable to nonprofit organizations.
Title: A - ACCOUNTING BASIS
Accounting Policies: The accounting policies of Mystic River Homes, Inc. conform to accounting principles generally accepted in the United States of America as applicable to nonprofit organizations.
De Minimis Rate Used: N
Rate Explanation: Mystic River Homes, Inc. has not elected to use the 10% de Minimis indirect cost rate.
SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
The accompanying schedule of expenditures of federal awards has been prepared on the accrual basis consistent with the preparation of the basic financial statements. Information included in the schedule of expenditures of federal awards 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).
For cost reimbursement awards, revenues are recognized to the extent of expenditures. Expenditures have been recognized to the extent the related obligation was incurred within the applicable grant period and liquidated within 90 days after the end of the grant period.
For performance-based awards, revenues are recognized to the extent of performance achieved during the grant period.
Mystic River Homes, Inc. has not elected to use the 10% de Minimis indirect cost rate.
The June 30, 2023 ending balances of the U.S. Department of Agriculture loans included on the accompanying schedule of expenditures of federal awards was $1,335,771.