Notes to SEFA
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: The auditee did not use the de minimis cost rate
The outstanding balance of the HUD Capital Advance at December 31, 2023 with continuing compliance requirements which are reported as federal expenditures on the accompanying schedule of
expenditures of federal awards was $3,155,200.