Notes to SEFA
Title: See coversheet
Accounting Policies: BasisofPresentation:Theaccompanyingscheduleofexpendituresoffederalawards(theschedule)includesthefederalawardactivityoftheOrganization,andispresentedontheaccrualbasisofaccounting.TheinformationinthisscheduleispresentedinaccordancewiththerequirementsofTitle2U.S.CodeofFederalRegulationsPart200,UniformAdministrativeRequirements,CostPrinciples,andAuditRequirementsforFederalAwards("UniformGuidance"),BecausetheschedulepresentsonlyaselectedportionoftheoperationsoftheOrganization,itisnotintendedtoanddoesnot present the financial position, changes in net assets, or cash flows.SummaryofSignificantAccountingPolicies:ExpendituresreportedontheSchedulearereportedontheaccrualbasisofaccounting.SuchexpendituresarerecognizedfollowingthecostprinciplescontainedintheUniformGuidance,whereincertaintypesofexpendituresarenotallowableorarelimitedastoreimbursement.TheOrganizationhaselectednottouse the 10-percent de minims indirect cost rate allowed under the Uniform Guidance.U.S.DepartmentofHousingandUrbanDevelopmentSection202DirectLoanProgram:TheOrganizationhasreceivedaU.S.DepartmentofHousingandUrbanDevelopmentdirectloanunderSection202DirectLoanProgram.HUDprovidedthefundsintheformofagrantwhichdoesnotrequirepaymentprovidedtheProjectisoperatingunderthetermsoftheRegultoryAgreement.TheOrganizationreceivednoadditionalloansduringtheyear.Thebalanceoftheloan outstanding at June 30, 2024 is $6,895,000.U.S.DepartmentofHousingandUrbanDevelopmentSection8HouisngAssistancePayments:TheOrganizationhasreceivedtenantassistancepaymentstotaling$444,642.TheProjectisoperatingunderthetermsoftheRegultoryAgreement.TitleThere were no subreceipients.No other single audits were performed during the year.
De Minimis Rate Used: N
Rate Explanation: TheOrganizationhaselectednottouse the 10-percent de minims indirect cost rate allowed under the Uniform Guidance.
See coversheet