Notes to SEFA
Title: NOTE A
Accounting Policies: 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.
De Minimis Rate Used: N
Rate Explanation: The Housing Foundation, Inc. has elected to not use the 10 percent de miminis indirect cost rate as allowed under the
Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of The
Housing Foundation, Inc. under programs of the federal government for the year ended September 30, 2024. 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 The Housing
Foundation, Inc., it is not inteded to and does not present the financial position, changes in net assets, or cash flows of
The Housing Foundation, Inc.
Title: NOTE C
Accounting Policies: 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.
De Minimis Rate Used: N
Rate Explanation: The Housing Foundation, Inc. has elected to not use the 10 percent de miminis indirect cost rate as allowed under the
Uniform Guidance.
The Rural Development loan program listed below is administered directly by The Housing Foundation, Inc., and the
balances and transactions relating to these programs are included in The Housing Foundation, Inc.'s basic financial
statements. Loan outstanding at the beginning of the year totaled $9,854,739
The loan balance as of September 30, 2024 are included in the federal expenditures presented in the
Schedule. The balance of loans outstanding at September 30, 2024 consists of: Federal CFDA Number 10.415, Program Name - Rurual Development Mortgages, Outstanding Balances at September 30, 2024 - $9,854,739