Notes to SEFA
Title: BASIS OF PRESENTATION
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: Does not apply - there were no indirect costs.
The accompanying schedule of expenditures of federal awards includes the federal awards activity of
Notre Dame de la Mer, HUD Project No. 065-11080-PM, 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 Notre Dame de la Mer, it is not
intended to and does not present the financial position, changes in net assets, or cash flows of Notre Dame
de la Mer.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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: Does not apply - there were no indirect costs.
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. Notre Dame de la Mer has elected not
to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT CAPITAL ADVANCE
PROGRAM
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: Does not apply - there were no indirect costs.
Notre Dame de la Mer has a Section 223(F) Mortgage Loan insured by the U.S. Department of Housing
and Urban Development. The mortgage loan outstanding at the beginning of the year is included in the
federal expenditures presented in the Schedule. Notre Dame de la Mer received no additional mortgage
loans during the year. The balance of the mortgage loan outstanding at September 30, 2024 consists of: "See the Notes to the SEFA for chart/table"