Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the schedule are presented in accordance with generally accepted accounting
principles. Such expenditures are recognized following the cost principles contained in the Uniform
Guidance cost principles, wherein certain types of expenditures are not allowable or are limited as to
reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Organization did not elect to use the 10% de minimus indirect cost rate.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of
Interfaith Housing & Community Services, 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), Audits of States, Local
Governments, and Non-Profit Organizations. Because the schedule presents only a selected portion of
the operations of the Organization, it is not intended to and does not present the net assets, changes in
net assets, or cash flows of the Organization.
Title: U.S. DEPARTMENT OF AGRICULTURE
Accounting Policies: Expenditures reported on the schedule are presented in accordance with generally accepted accounting
principles. Such expenditures are recognized following the cost principles contained in the Uniform
Guidance cost principles, wherein certain types of expenditures are not allowable or are limited as to
reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Organization did not elect to use the 10% de minimus indirect cost rate.
Interfaith Housing & Community Services, Inc. has received U.S. Department of Agriculture direct
loans for Rural Housing. The loan balances outstanding at the beginning of the year are included in the
federal expenditures presented in the schedule. No additional loans were received during the year. The
balances at December 31, 2024 are:
Federal
Assistance
Listing
Number
Program Name
Outstanding Balance at
December 31, 2024
10.405 Farm Labor Housing Loans and Grants $339,392
10.415 Rural Rental Housing Loans 628,800