Notes to SEFA
Title: Note 1 - 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. Passthrough entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Diocesan Housing Services Corporation of the Diocese of Camden, Incorporated has elected
not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the
federal award activity of The Diocesan Housing Services Corporation of the Diocese of Camden,
Incorporated and Subsidiaries (collectively, the "Organization") under programs of the federal
government for the year ended June 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"). Because the Schedule presents only a selected portion of the operations of
the Organization, it is not intended to and does not present the consolidated and combined financial
position, changes in net assets, or cash flows of the Organization.
Title: Note 2 - Summary of significant accounting policies
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. Passthrough entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Diocesan Housing Services Corporation of the Diocese of Camden, Incorporated has elected
not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
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. Passthrough
entity identifying numbers are presented where available.`
Title: Note 3 - Indirect cost rate
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. Passthrough entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Diocesan Housing Services Corporation of the Diocese of Camden, Incorporated has elected
not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The Diocesan Housing Services Corporation of the Diocese of Camden, Incorporated has elected
not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Note 4 - Loan and loan guarantee programs
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. Passthrough entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Diocesan Housing Services Corporation of the Diocese of Camden, Incorporated has elected
not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Loans outstanding at the beginning of the year and loans made during the year are included in the
federal expenditures presented in the schedule. The balance of the loans outstanding at June 30,
2024 consists of: