Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on schedule of federal awards (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: Quadraplex Housing, Inc. (QHI) has elected not to use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance.
The Schedule includes the federal grant activity of QHI under programs of the Federal government for the year ended June 30, 2024. The information in the 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 QHI, it is not intended to and does not present the financial position, changes in net assets or cash flows of QHI.
Title: Loan Assistance
Accounting Policies: Expenditures reported on schedule of federal awards (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: Quadraplex Housing, Inc. (QHI) has elected not to use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance.
The rural rental housing loans, is included on the Schedule at its outstanding balance as of July 1, 2023 plus any additional proceeds received during 2024, as it includes continuing compliance requirements from Rural Development. At July 1, 2023, the outstanding loan balance was $1,557,562. During the year ended June 30, 2024, no additional proceeds were received and principal payments of $5,116 were made. At June 30, 2024, the outstanding loan balance was $1,552,446.
Title: Subrecipients
Accounting Policies: Expenditures reported on schedule of federal awards (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: Quadraplex Housing, Inc. (QHI) has elected not to use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance.
There were no pass through federal awards to subrecipients by QHI during the year ended June 30, 2024.