Notes to SEFA
Title: Note 1 - Basis of Presentation
Accounting Policies: Expenditures reported in 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: The Organization has elected not to use the de‐minimis indirect cost rate
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Office of Rural and Farmworker Housing under programs of the federal government for the year ended June 30, 2024. The information in this Schedule is presented in accordance with requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements of Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Office of Rural and Farmworkers Housing, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Office of Rural and Farmworker Housing.
Title: Note 2 - Significant Accounting Policies
Accounting Policies: Expenditures reported in 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: The Organization has elected not to use the de‐minimis indirect cost rate
Expenditures reported in 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.
Title: Note 3 - Expenditures
Accounting Policies: Expenditures reported in 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: The Organization has elected not to use the de‐minimis indirect cost rate
This column reports grant expenditures incurred and outstanding loan balances.
Title: Note 4 - Indirect Cost Rate
Accounting Policies: Expenditures reported in 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: The Organization has elected not to use the de‐minimis indirect cost rate
The Organization has elected not to use the de‐minimis indirect cost rate.
Title: Note 5 - Multi-Family Housing Preservation Revolving Loan Demonstration Program
Accounting Policies: Expenditures reported in 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: The Organization has elected not to use the de‐minimis indirect cost rate
The expenditures shown consist of loan funds received and expended. The total balance of the loan outstanding and due to USDA Rural Development was $810,512 and $848,913 at June 30, 2024 and 2023, respectively. Total funds outstanding to recipients was $985,603 and $1,029,915 at June 30, 2024 and 2023, respectively.