Notes to SEFA
Title: Non-Cash Assistance, Federal Insurance and Loans
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Harvest Hills, Inc., HUD Project No. 072-EE116, and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the 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.
De Minimis Rate Used: N
Rate Explanation: Harvest Hills, Inc. has not elected to use the 10% de minimis indirect cost rate for the year ended December 31, 2024.
There was no non-cash assistance received and there was no federal insurance in effect during year ended December 31, 2024. As of the year ended December 31, 2024, Harvest Hills, Inc. had received capital advances totaling $2,412,600 from the Department of Housing and Urban Development (section 202) to construct its facility. The capital advance bears no interest and repayment is not required as long as the housing remains available for low-income elderly persons for not less than 40 years. The balance at December 31, 2024 is reflected in the schedule of expenditures of federal awards.
Title: Subrecipients
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Harvest Hills, Inc., HUD Project No. 072-EE116, and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the 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.
De Minimis Rate Used: N
Rate Explanation: Harvest Hills, Inc. has not elected to use the 10% de minimis indirect cost rate for the year ended December 31, 2024.
There were no amounts passed through to subrecipients during the year ended December 31, 2024.