Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting and 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 Organization has elected not to use the 10% de minimis cost rate allowed by the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal grant activities of
Pinellas County Housing, Inc. (“Organization”). 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
Organization, it is not intended to and does not present the financial position, changes in net assets,
or cash flows of the Organization.
Title: LOANS
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting and 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 Organization has elected not to use the 10% de minimis cost rate allowed by the Uniform Guidance.
The Organization has the following loan balance outstanding at June 30, 2024: Additional
Loan
Assistance Original Funding
Listing Loan Balance at (Payments Balance at
Number Description Balance June 30, 2023 Made) June 30, 2024
14.181 Supportive Housing for Persons
with Disabilities Section 202
Direct loan $ 2,042,200 $ 1,617,184 $ (47,308) $ 1,569,876
Title: CONTINGENCY
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting and 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 Organization has elected not to use the 10% de minimis cost rate allowed by the Uniform Guidance.
Expenditures incurred by the Organization are subject to audit and possible disallowance by federal
agencies. Management believes that, if audited, an adjustment for disallowed expenses would be
immaterial.