Notes to SEFA
Title: Note 1 - 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: Red Maple Housing Corporation has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. All costs are directly allocated.
The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal award activity of Red Maple Housing Corporation under programs of the federal government for the year ended September 30, 2024. 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 Red Maple Housing Corporation, it is not intended to and does not present the financial position, change in net assets, or cash flows of Red Maple Housing Corporation.
Title: Note 3 - HUD Capital Advance:
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: Red Maple Housing Corporation has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. All costs are directly allocated.
The Project was awarded a capital advance from HUD for the construction of the rental property. It is administered directly by Red Maple Housing Corporation, and the balance and transactions relating to this program is included in Red Maple Housing Corporation's basic financial statements. The capital advance at the beginning of the year is included in the federal expenditures presented in the schedule. The capital advance has not changed through September 30, 2024. AL Number: 14.181, Program Name: Supportive Housing for Persons with Disabilities, Outstanding Balance: $1,366,000.