Notes to SEFA
Title: NOTE 1 – BASIS OF PRESENTATION
Accounting Policies: Section 202 Supportive Housing for the Elderly Project Rental Assistance
Under Section 202 Total expenditures of federal awards
De Minimis Rate Used: N
Rate Explanation: St. Theresa House, Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal award activity of St.
Theresa House, Inc. 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
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
St. Theresa House, Inc. it is not intended to and does not present the financial position, changes in net
assets, or cash flows of St. Theresa House, Inc. For the year ended September 30, 2024, no awards were
passed through to subrecipients.
Title: NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Section 202 Supportive Housing for the Elderly Project Rental Assistance
Under Section 202 Total expenditures of federal awards
De Minimis Rate Used: N
Rate Explanation: St. Theresa House, Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
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. St. Theresa House,
Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform
Guidance.
Title: NOTE 3 – U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM
Accounting Policies: Section 202 Supportive Housing for the Elderly Project Rental Assistance
Under Section 202 Total expenditures of federal awards
De Minimis Rate Used: N
Rate Explanation: St. Theresa House, Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
St. Theresa House, Inc. has received a U.S. Department of Housing and Urban Development direct loan
under Section 202 of the National Housing Act. The loan balance outstanding at the beginning of the
year is included in the federal expenditures presented in the Schedule. St. Theresa House, Inc.
received no additional loans during the year.
Title: NOTE 3 – U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM
Accounting Policies: Section 202 Supportive Housing for the Elderly Project Rental Assistance
Under Section 202 Total expenditures of federal awards
De Minimis Rate Used: N
Rate Explanation: St. Theresa House, Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The balance of the loan outstanding at September 30,
2024 consists of:
Assistance Listing Outstanding Balance at
Number Program Name September 30, 2024
14.157 Section 202 Supportive $3,994,300
Housing for the Elderly
Title: NOTE 4 - FINDING OF NONCOMPLIANCE
Accounting Policies: Section 202 Supportive Housing for the Elderly Project Rental Assistance
Under Section 202 Total expenditures of federal awards
De Minimis Rate Used: N
Rate Explanation: St. Theresa House, Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
There were no findings of noncompliance identified in connection with the Company’s single audit for
the year ended September 30, 2024.