Notes to SEFA
Title: 1. Basis of Presentation
Accounting Policies: Expenditures reported on the SEFA 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.
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “SEFA”) includes the federal award activity of the Organization under programs of the federal government for the year ended June 30, 2024. The information in the SEFA is presented in accordance with the requirements of the Uniform Guidance. Because the SEFA presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
Title: 2. Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the SEFA 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.
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures reported on the SEFA 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.
Title: 3. Indirect Cost Rate
Accounting Policies: Expenditures reported on the SEFA 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.
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Organization has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: 4. Loan Programs
Accounting Policies: Expenditures reported on the SEFA 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.
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the 10-percent de minimis indirect cost rate 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 on the SEFA. The balance of loans outstanding as of June 30, 2024 consists of: Home Investment Partnerships Program 14.239 CT-CD-6-430 $ 708,000; Home Investment Partnerships Program 14.239 N/A 34,000; Home Investment Partnerships Program 14.239 0054-08 130,252; Home Investment Partnerships Program 14.239 0337-06 270,000; Home Investment Partnerships Program 14.239 405-07 586,723; Home Investment Partnerships Program 14.239 409-11 742,218; Total $2,471,193.