Notes to SEFA
Title: NOTE A BASIS OF PRESENTATION
Accounting Policies: Expenditures reported in the Schedule of Expenditures of Federal Awards are reported based upon generally accepted accounting principles of the United States of America.
De Minimis Rate Used: N
Rate Explanation: Spruce Landing Housing Corporation has elected not to use the 10 percent de-minimis indirect cost rate as allowed under the Uniform Guidance.
The above schedule of expenditures of federal awards includes the federal activity of Spruce Landing Housing Corporation., HUD Project No. 084-HD036, 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 for Federal Awards (Uniform Guidance). Therefore, some of the amounts presented in this schedule may differ from the amounts presented in, or used in the preparation of the basic financial statements.
Title: NOTE C SUB-RECIPIENTS
Accounting Policies: Expenditures reported in the Schedule of Expenditures of Federal Awards are reported based upon generally accepted accounting principles of the United States of America.
De Minimis Rate Used: N
Rate Explanation: Spruce Landing Housing Corporation has elected not to use the 10 percent de-minimis indirect cost rate as allowed under the Uniform Guidance.
There were no sub-recipients of Spruce Landing Housing Corporation