Notes to SEFA
Title: 1. Scope of Audit Pursuant to Uniform Guidance
Accounting Policies: The Organization’s Schedule of Expenditures of Federal Awards has been prepared using the same
basis of accounting as the June 30, 2024 financial statements of the Organization. The Organization
reports to HUD using the accrual basis of accounting. A complete description of the basis of
accounting is included in note 1 to those financial statements.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10 percent de minimis indirect cost rate
allowed under the Uniform Guidance.
The Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of all federal
award programs of the Organization. All federal awards received directly from federal agencies as
well as federal awards passed through other governmental agencies or other entities are included in
the Schedule. The Organization has elected not to use the 10 percent de minimis indirect cost rate
allowed under the Uniform Guidance.
Title: 2. Basis of Presentation
Accounting Policies: The Organization’s Schedule of Expenditures of Federal Awards has been prepared using the same
basis of accounting as the June 30, 2024 financial statements of the Organization. The Organization
reports to HUD using the accrual basis of accounting. A complete description of the basis of
accounting is included in note 1 to those financial statements.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10 percent de minimis indirect cost rate
allowed under the Uniform Guidance.
The Organization’s Schedule of Expenditures of Federal Awards has been prepared using the same
basis of accounting as the June 30, 2024 financial statements of the Organization. The Organization
reports to HUD using the accrual basis of accounting. A complete description of the basis of
accounting is included in note 1 to those financial statements.
Title: 3. Contingencies
Accounting Policies: The Organization’s Schedule of Expenditures of Federal Awards has been prepared using the same
basis of accounting as the June 30, 2024 financial statements of the Organization. The Organization
reports to HUD using the accrual basis of accounting. A complete description of the basis of
accounting is included in note 1 to those financial statements.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10 percent de minimis indirect cost rate
allowed under the Uniform Guidance.
In connection with various federal grant programs, the Organization is obligated to administer
related programs and spend the funds in accordance with regulatory restrictions, and is subject to
audit by grantor agencies and other auditors. In cases of noncompliance, the agencies involved may
require the Organization to refund program funds.
Title: 4. Loan Balance
Accounting Policies: The Organization’s Schedule of Expenditures of Federal Awards has been prepared using the same
basis of accounting as the June 30, 2024 financial statements of the Organization. The Organization
reports to HUD using the accrual basis of accounting. A complete description of the basis of
accounting is included in note 1 to those financial statements.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10 percent de minimis indirect cost rate
allowed under the Uniform Guidance.
The end of the year loan balance for the Supportive Housing for the Elderly (Section 202) loan was
$5,065,000.