Notes to SEFA
Title: NOTE 1 - BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. The recording and reporting are consistent with the cost principles contained in the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Project has elected not to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of St. Croix Services for the Developmentally Disabled, Inc.’s Prince Street Residence (Prince Street Residence), Project Number 056-EH-325, under programs of the federal government for the year ended September 30, 2023. 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 Prince Street Residence, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Prince Street Residence.
Title: NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. The recording and reporting are consistent with the cost principles contained in the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Project has elected not to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. The recording and reporting are consistent with the cost principles contained in the Uniform Guidance.
Title: NOTE 3 - INDIRECT COST RATE
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. The recording and reporting are consistent with the cost principles contained in the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Project has elected not to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance.
The Project has elected not to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance.
Title: NOTE 4 - U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. The recording and reporting are consistent with the cost principles contained in the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Project has elected not to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance.
Prince Street Residence has received a U.S. Department of Housing and Urban Development Capital Advance under Section 811 of the National Housing Act. The capital advance balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Prince Street Residence received no additional advances during the year. As of September 30, 2023, the capital advance balance is as follows: AL Number 14.181 Program - Section 811 Direct Loan Balance - $609,601