Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity ofSaint Alban's Housing Corporation under programs of the federal government for the year endedDecember 31, 2022. The information in this schedule is presented in accordance with therequirements of the Uniform Guidance. Because the Schedule presents only a selected portion of theoperations of Saint Alban's Housing Corporation, it is not intended to and does not present thefinancial position, changes in net assets or cash flows of Saint Alban's Housing Corporation.Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures 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. Negativeamounts shown on the Schedule represent adjustments or credits made in the normal course ofbusiness to amounts reported as expenditures in prior years. Passthrough entity identifying numbersare presented where applicable. The Corporation has elected not to use the 10% de minimis indirectcost rate allowed under the Uniform Guidance.The mortgage balance at the beginning of the year and loans made during the year are included in thefederal expenditures presented in the Schedule.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.