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: EHDOC Teamsters Residences, 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 (Schedule) includes the federal grant activity of EHDOC Teamsters Residences, Inc., HUD Project 042-11155, 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 EHDOC Teamsters Residences, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of EHDOC Teamsters Residences, Inc.
Title: U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT REFINANCE LOAN
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: EHDOC Teamsters Residences, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
EHDOC Teamsters Residences, Inc. has received a HUD mortgage insurance for the refinancing of existing multifamily housing projects under Section 207 of the National Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. EHDOC Teamsters Residences, Inc. received no additional loans during the year. The balance of the loan outstanding as of June 30, 2024 was $1,741,124.