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 cost principle contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Project has selected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee has not elected to use the 10% de minimis indirect cost rate.
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 C - USDA RURAL DEVELOPMENT AND SECTION 515 LOAN PROGRAM
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principle contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Project has selected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee has not elected to use the 10% de minimis indirect cost rate.
Los Húcares I Project has received a direct loan under Section 515 of USDA Rural Development Housing 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. Los Húcares I Project received no additional loans during the year. The balance of the loan outstanding at June 30, 2024 consists of:
Assistance Outstanting
Listing Number Program Name Balance
10.415 USDA RD Section 515 Direct Loan $ 953,065
Title: NOTE D - CLUSTER
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principle contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Project has selected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee has not elected to use the 10% de minimis indirect cost rate.
A cluster of programs means federal programs with different Assistance Listing numbers that are defined as a cluster of programs, because they are closely related programs that share common requirements. The Schedule includes a program of the following cluster:
Agency Federal Program Assistance Listing Number
U.S. Department of Housing Section 8 Project-Based
and Urban Development Office Cluster:
of Housing
Project-Based Rental Assistance 14.195