Notes to SEFA
Title: Note 3
Accounting Policies: The schedule of expenditures of federal awards is prepared on the accrual basis of accounting.
De Minimis Rate Used: Y
Rate Explanation: The Corporation has elected to not use the 10% de minimis cost rate.
The balance of HUD Capital Advance at June 30, 2024 is $2,011,217, of which $911,217 has been passed through to subrecipients and included as federal expenditures. With respect to federal awards passed through to a subrecipient, the activity that requires pass-through entities to comply with federal statutes, regulations, and the terms and conditions of federal awards is the disbursement of funds to subrecipients. As such, the amounts not yet passed-through are not included as federal expenditures.
Title: Note 4
Accounting Policies: The schedule of expenditures of federal awards is prepared on the accrual basis of accounting.
De Minimis Rate Used: Y
Rate Explanation: The Corporation has elected to not use the 10% de minimis cost rate.
Certain of the Subsidiaries are required to complete Uniform Guidance audits based on the awards received or are not subject to Uniform Guidance. To the extent the affiliate has filed a separate Uniform Guidance Audit or is not required to submit, the Corporation does not report it on its schedule of expenditures of federal awards.