Notes to SEFA
Title: NOTE THE BASIS OF THE PRESENTATION
Accounting Policies: Note B – Summary of Significant 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 as reimbursement. Edificio Ovidio Lamoso Coira has elected not to use the 10-percent de minimis indirect cost rate. The Project is governed by the rules and regulations of the U.S. Department of Housing and Urban Development (HUD). The use of the 10-percent de minimis indirect costs rate is allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Edificio Ovidio Lamoso Coira has elected not to use the 10-percent de minimis indirect cost rate. The Project is governed by the rules and regulations of the U.S. Department of Housing and Urban Development (HUD).
The accompanying schedule of expenditures of federal awards includes the federal grants activity of Edificio Ovidio Lamoso Coira, HUD Project No. 056-EE-007 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, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Edificio Ovidio Lamoso Coira, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Edificio Ovidio Lamoso Coira.
Title: Note C – U.S. Department of Housing and Urban Development Advance Capital Program
Accounting Policies: Note B – Summary of Significant 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 as reimbursement. Edificio Ovidio Lamoso Coira has elected not to use the 10-percent de minimis indirect cost rate. The Project is governed by the rules and regulations of the U.S. Department of Housing and Urban Development (HUD). The use of the 10-percent de minimis indirect costs rate is allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Edificio Ovidio Lamoso Coira has elected not to use the 10-percent de minimis indirect cost rate. The Project is governed by the rules and regulations of the U.S. Department of Housing and Urban Development (HUD).
The Project has received a U.S. Department of Housing and Urban Development direct advance capital grant under Section 202 of the National Housing Act. The grant balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. The Project received no additional capital advances during the year. The balance of the grant outstanding at December 31, 2023, consists of $4,777,000.