Notes to SEFA
Title: Basis of presentation
Accounting Policies: Expenditures reported on the schedule are reported on 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: The Organization has elected to not use the 10% de minimums indirect cost rate allowed
under the Uniform Guidance.
The accompanying schedule of federal awards ("schedule") includes the federal
award and loan activity of the Organization under programs of the federal government for the year ended
September 30, 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"). Therefore, some amounts presented in
this schedule may differ from amounts presented in, or used in the preparation of, the basic financial
statements.
Title: Subrecipients
Accounting Policies: Expenditures reported on the schedule are reported on 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: The Organization has elected to not use the 10% de minimums indirect cost rate allowed
under the Uniform Guidance.
For the year ended September 30, 2024, the Organization provided no funds to
subrecipients.
Title: Mortgage Balance
Accounting Policies: Expenditures reported on the schedule are reported on 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: The Organization has elected to not use the 10% de minimums indirect cost rate allowed
under the Uniform Guidance.
The note payable is provided by HUD, under the Section 202 Housing Act of 1959, and
bears interest at an annual rate of 3.23%. The project is pledged as collateral for the note. As of September
30, 2024, the balance of the note was $1,954,458.