Notes to SEFA
Accounting Policies: The schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of 1712
and 1715 Housing Development Fund Company, Inc., HUD Project No. 012-197NI (the “Company”), and
is presented on the accrual basis of accounting, following the cost principles contained in the Uniform
Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. 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
Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected
portion of the operations of the Company, it is not intended to and does not present the financial position,
changes in net deficit or cash flows of the Company.
De Minimis Rate Used: N
Rate Explanation: The Company has elected not to use the ten percent de minimis indirect cost rate as allowed under the
Uniform Guidance.