Notes to SEFA
Title: 2. 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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: N/A
The accompanying schedule of expenditures of federal awards (Schedul includes the federal award activity of North East Manor, Inc., HUD Project No. 033‑EE135, under programs of the federal government for the year ended
Title: 3. INDIRECT COST RATE
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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: N/A
North East Manor, Inc., has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: 4. U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM
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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: N/A
The Organization has a capital advance under Section 202 of the National Housing Act. The capital advance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. The Organization received no additional advances during the year. The balance of the capital advance outstanding at June 30, 2024, was $ 4,096,800.