Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Middle Creek Housing Corporation, HUD Project No. 064-35352, and is presented on the accrual basis of accounting. 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 schedule presents only a selected portion of operations of Middle Creek Housing Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Middle Creek Housing Corporation. 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.
De Minimis Rate Used: N
Rate Explanation: Middle Creek Housing Corporation has elected to not use the 10% de minimus indirect cost rate allowed under the Uniform Guidance.