Notes to SEFA
Title: Note A - Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cos 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: The Project is governed by the rules and regulations of the U.S. Department of Housing and Urban Development (HUD). The use of the10-percent de minimis indirect cost rate allowed under the Uniform Guidance does not apply.
The accompanying schedule of expenditures of federal awards includes the federal grants activity of this Project and is presented on the accrual basis of accounting. 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 for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of operations of The Project, it is not intended to and does not present the financial position, changes in net assets, or cash flows of The Project.
Title: Note B – Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cos 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: The Project is governed by the rules and regulations of the U.S. Department of Housing and Urban Development (HUD). The use of the10-percent de minimis indirect cost rate allowed under the Uniform Guidance does not apply.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cos principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Project is governed by the rules and regulations of the U.S. Department of Housing and Urban Development (HUD). The use of the10-percent de minimis indirect cost rate allowed under the Uniform Guidance does not apply.
Title: Note C – U.S. Department of Housing and Urban Development Loan Program
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cos 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: The Project is governed by the rules and regulations of the U.S. Department of Housing and Urban Development (HUD). The use of the10-percent de minimis indirect cost rate allowed under the Uniform Guidance does not apply.
The Project has received a U.S. Department of Housing and Urban Development direct loan under Section 202 of the National Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. The Project received no additional loan during the year. The balance of the loan outstanding at June 30, 2024 consists of: Assistance Listing Number Program Name Outstanding Balance 14.157 Supportive Housing for $ 72,958 the Elderly (Section 202)