Notes to SEFA
Title: Basis of Presentation
Accounting Policies: 2. Summary of Significant Accounting Policies
(a) 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.
(b) Creative Living Housing Corporation has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
(c) The outstanding balance of loan and loan guarantee program at September 30, 2024 with
continuing compliance requirements which are reported as federal expenditures on the
accompanying schedule of expenditures of federal awards was $557,505.
De Minimis Rate Used: N
Rate Explanation: Creative Living Housing Corporation has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
1. Basis of Presentation
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal
grant activity of Creative Living Housing Corporation and is presented on the accrual basis of
accounting. The information in this schedule is presented in accordance with the requirements of
Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements,
Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some
amounts presented in this Schedule may differ from amounts presented in, or used in the
preparation of, the basic financial statements.