Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Summary of Significant Accounting Policies
Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Organization did not elect to use the 10% de minimis indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: The organization did not charge indirect costs to its federal programs.
The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal award activity of Ann Arbor Affordable Housing Corporation under programs of the federal government for the year ended June 30, 2024. The information in the 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 Ann Arbor Affordable Housing Corporation, it is not intended to and does not present the financial position, changes in net position or cash flows of Ann Arbor Affordable Housing Corporation.
Title: Summary of Significant Accounting Policies
Accounting Policies: Summary of Significant Accounting Policies
Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Organization did not elect to use the 10% de minimis indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: The organization did not charge indirect costs to its federal programs.
Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Organization did not elect to use the 10% de minimis indirect cost rate.
Title: Subrecipients
Accounting Policies: Summary of Significant Accounting Policies
Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Organization did not elect to use the 10% de minimis indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: The organization did not charge indirect costs to its federal programs.
None of the federal expenditures presented in the Schedule were provided to subrecipients.
Title: Balance of Loan Outstanding
Accounting Policies: Summary of Significant Accounting Policies
Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Organization did not elect to use the 10% de minimis indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: The organization did not charge indirect costs to its federal programs.
Ann Arbor Affordable Housing Corporation's total federally-insured loans outstanding at June 30, 2024 were $4,197,229.