Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Basis of Presentation, and Summary of Significant Accounting Policies
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Federation Landings, Inc. (the “Project”) under programs ofthe 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 FederalRegulations, Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance). Because the Schedule presentsonly a selected portion of the operations of the Project, it is not intended to and does notpresent the financial position, changes in net deficit, or cash flows of the Project.
Title: Summary of Significant Accounting Policies
Accounting Policies: Basis of Presentation, and Summary of Significant Accounting Policies
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Project has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.