Notes to SEFA
Title: 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. Any negative amounts shown on the schedule represent
adjustments or credits made in the normal course of operations to amounts reported as expenditures in prior years. Pass‐through entity identifying numbers are presented where available.
De Minimis Rate Used: Y
Rate Explanation: Interval House has elected to use the 10‐percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Interval House under programs of the federal government for the year ended June 30, 2024. The information in this schedule is presented in accordance with the audit 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 Interval House, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Interval House.
Title: Loans with Continuing Compliance Requirements
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. Any negative amounts shown on the schedule represent
adjustments or credits made in the normal course of operations to amounts reported as expenditures in prior years. Pass‐through entity identifying numbers are presented where available.
De Minimis Rate Used: Y
Rate Explanation: Interval House has elected to use the 10‐percent de minimis indirect cost rate allowed under the Uniform Guidance.
As of June 30, 2024, outstanding federally‐funded program loans with a continuing compliance requirement are as follows: Federal Assistance Listing Number. 14.218, Grantor’s Number IHCS0617, Federal Program CDBG- Entitlement Grants Cluster, Outstanding Loans $116,336 and Loans with Continuing Compliance Requirements of $135,753