Notes to SEFA
Title: Note 1
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal Program activity of Imperial Housing Corporation 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirement for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Corporation has not elected to use the 10% de minimus indirect cost rate as allowed in the Uniform Guidance, Section 414.
The accompanying schedule of expenditures of federal awards includes the federal Program activity of
Imperial Housing Corporation 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 (CFR)
Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirement for Federal Awards.
Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the
preparation of, the basic financial statements.
Imperial Housing Corporation was organized as a Not-For-Profit Corporation under the laws of the State of
Colorado to construct, hold, and operate an apartment complex (the Project). The Project consists of 9 units
located in Fort Collins, Colorado known as Imperial Estates.
Title: Note 2
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal Program activity of Imperial Housing Corporation 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirement for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Corporation has not elected to use the 10% de minimus indirect cost rate as allowed in the Uniform Guidance, Section 414.
As of December 31, 2023, the loan balance is $948,600. The loan does not have to be paid back under the stipulation that the Corporation rents only to qualified tenants for 40 years as defined by HUD.
Title: Note 3
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal Program activity of Imperial Housing Corporation 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirement for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Corporation has not elected to use the 10% de minimus indirect cost rate as allowed in the Uniform Guidance, Section 414.
The Corporation has not elected to use the 10% de minimus indirect cost rate as allowed in the Uniform Guidance, Section 414.