Notes to SEFA
Accounting Policies: General
The above schedule of expenditures of federal awards includes the federal grant activity of the S.E.K.
Housing Development Co., Inc., Plaza Place Apartments, HUD Project No. 102-11040 (the
Organization).
Basis of Accounting
The accompanying schedule of expenditures of federal awards is presented using the same basis of
accounting as the financial statement. 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).
Therefore, some amounts presented in this schedule may differ from amounts presented in, or used
in the preparation of, the basic financial statements.
The Organization did not elect to use the 10% De Minimis cost rate.
Mortgage
As of December 31, 2023, the outstanding loan balance was $1,618,551. The net amount after
unamortized debt issuance cost of $79,928 was $1,538,623.
De Minimis Rate Used: N
Rate Explanation: The Organization did not elect to use the 10% De Minimis cost rate.