Notes to SEFA
Title: 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: The Organization has elected not to use the 10% de minimis cost rate allowed by the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal grant activities of
Epiphany Housing of Tampa, Inc. (“Organization”), HUD Project No. 067-EE063. 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 the Organization, it is not intended to and does not present the financial position, changes in
net assets, or cash flows of the Organization.
Title: Contingency
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: The Organization has elected not to use the 10% de minimis cost rate allowed by the Uniform Guidance.
Expenditures incurred by the Organization are subject to audit and possible disallowance by federal
agencies. Management believes that, if audited, an adjustment for disallowed expenses would be
immaterial.