Notes to SEFA
Accounting Policies: NOTE 1. BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity
of Lancaster Housing Development Fund Co., Inc. under programs of the federal government for the year ended
December 31, 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 Lancaster Housing Development Fund Co., Inc., it is not intended to and does not present
the financial position, changes in net deficit, or cash flows of Lancaster Housing Development Fund Co., Inc.
NOTE 2. SUMMARY OF SIGNIFICANT 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: NOTE 3. INDIRECT COST RATE
Lancaster Housing Development Fund Co., Inc. has elected not to use the 10-percent de minimis indirect cost
rate as allowed under the Uniform Guidance.