Notes to SEFA
Title: 1. Basis of presentation
Accounting Policies: Expenditures reported in 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 allowed. Assistance Listing numbers (“AL No.”) are provided when available. SAHA 100 Labor Street, LLC did not elect to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: SAHA 100 Labor Street, LLC did not elect to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the expenditures of SAHA 100 Labor Street, LLC under programs of the federal government for the period from January 1, 2024 through June 30, 2024. The information in the 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 the Schedule may differ from amounts presented in, or used in the preparation of the basic financial statements. For purposes of the Schedule, federal awards include all sub awards to the Company by nonfederal organizations pursuant to federal grants, contracts and similar agreements.
Title: 2. Summary of significant accounting policies
Accounting Policies: Expenditures reported in 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 allowed. Assistance Listing numbers (“AL No.”) are provided when available. SAHA 100 Labor Street, LLC did not elect to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: SAHA 100 Labor Street, LLC did not elect to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
Expenditures reported in 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 allowed. Assistance Listing numbers (“AL No.”) are provided when available. SAHA 100 Labor Street, LLC did not elect to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
Title: 3. Oustanding federal loans
Accounting Policies: Expenditures reported in 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 allowed. Assistance Listing numbers (“AL No.”) are provided when available. SAHA 100 Labor Street, LLC did not elect to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: SAHA 100 Labor Street, LLC did not elect to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
The following represents the amount of outstanding loans identified by AL No. All loans are provided by HUD and are included in the Schedule. AL Number 14.135; Program Name Section 221(d)(4); Outstanding Balance at June 30, 2024 $38,199,214.