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: National Steelworkers Oldtimers Community Urban Development Company of Canton Two, Inc. 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 includes the federal award activity of National Steelworkers Oldtimers Community Urban Development Company of Canton Two, Inc., operating as Mayfield Manor II, HUD Project No. 042-EE027, and is presented on the accrual basis of accounting. 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 National Steelworkers Oldtimers Community Urban Development Company of Canton Two, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of National Steelworkers Oldtimers Community Urban Development Company of Canton Two, Inc.
Title: U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT CAPITAL ADVANCE
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: National Steelworkers Oldtimers Community Urban Development Company of Canton Two, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
National Steelworkers Oldtimers Community Urban Development Company of Canton Two, Inc. has received a HUD capital advance under Section 202 of the National Housing Act. The capital advance balance outstanding at the beginning of the year is included in the federal expenditures presented in the schedule. National Steelworkers Oldtimers Community Urban Development Company of Canton Two, Inc. received no additional loans during the year. The balance of the capital advance outstanding as March 31, 2024 is $4,274,700.