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 as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Buffalo Mercy Housing Development Fund Company, Inc. has elected not 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 Buffalo Mercy Housing Development Fund Company, 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). Because the Schedule presents
only a selected portion of the operations of Buffalo Mercy Housing Development Fund Company, Inc. it is not
intended to and does not present the financial position, changes in net deficit, or cash flows of Buffalo Mercy
Housing Development Fund Company, Inc.
Title: NOTE 2. 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 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: Buffalo Mercy Housing Development Fund Company, Inc. has elected not to use the 10-percent de minimis
indirect cost rate as allowed under the Uniform Guidance.
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 to reimbursement.
Title: NOTE 3. INDIRECT COST RATE
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 to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Buffalo Mercy Housing Development Fund Company, Inc. has elected not to use the 10-percent de minimis
indirect cost rate as allowed under the Uniform Guidance.
Buffalo Mercy Housing Development Fund Company, Inc. has elected not to use the 10-percent de minimis
indirect cost rate as allowed under the Uniform Guidance.
* The balance of the mortgage at December 31, 2024 was $2,462,085.