Notes to SEFA
Title: Note 1 - Summary of significant accounting policies
Accounting Policies: Expenditures reported on the schedules 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: OBHAW has elected not to use the 10% minimis indirect cost rate as allowed under the uniform guidance.
Expenditures reported on the schedules 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.
Title: Note 2 - Basis of accounting
Accounting Policies: Expenditures reported on the schedules 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: OBHAW has elected not to use the 10% minimis indirect cost rate as allowed under the uniform guidance.
The accompanying schedules of expenditures of federal and state awards include the federal and state grant activities of OBHAW and are presented on the accrual basis of accounting. The information in the schedules 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 schedules present only a selected portion of the operations of OBHAW, they are not intended to and do not present the financial position, changes in net assets or cash flows.
Title: Note 3 - Federal indirect rate
Accounting Policies: Expenditures reported on the schedules 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: OBHAW has elected not to use the 10% minimis indirect cost rate as allowed under the uniform guidance.
OBHAW has elected not to use the 10% minimis indirect cost rate as allowed under the uniform guidance.
Title: Note 4 - Federal awards not included
Accounting Policies: Expenditures reported on the schedules 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: OBHAW has elected not to use the 10% minimis indirect cost rate as allowed under the uniform guidance.
Federal award programs operated by Central City Apartments, Inc. and Reach Out II Apartments, Inc. were subject to separate audits by ATA, PLLC due to U.S. Department of Housing and Urban Development (HUD) audit requirements. As a result, the expenditures related to these programs are not included in the Schedule of Expenditures of Federal Awards. The excluded expenditures consist of HUD Section 811 Supportive Housing for Persons with Disabilities (ALN 14.181) federal program loans of $1,917,200 and HUD Section 8 Lower Income Housing Assistance Program (ALN 14.856) payments of $156,610. The separate audit reports contain details regarding the expenditures and compliance with federal award requirements for these programs.