Notes to SEFA
Title: Note 1 - Basis of presentation
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 to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The Corporation has elected to use the 10-percent de minimis indirect cost rate as
allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Stillwater Heights, Inc., HUD Project No. 016-EE-049, 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 Stillwater Heights, Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of Stillwater Heights, Inc. For the year ended December 31, 2024, no awards were passed through to subrecipients.
Title: Note 4 - Federal loan programs
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 to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The Corporation has elected to use the 10-percent de minimis indirect cost rate as
allowed under the Uniform Guidance.
The federal loan program listed below is administered directly by the U.S. Department of Housing and Urban Development, and balances and transactions relating to this program is included in the Corporation's basic financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The balance of the loan outstanding as of December 31, 2024 consists of:
Assistance Listing Number Program Name Outstanding December 31, 2024
14.157 Section 202 Capital Advance $ 5,835,400