Notes to SEFA
Title: NOTE 2- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: y
De Minimis Rate Used: N
Rate Explanation: n/a
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognizedfollowing the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Casa Milagro has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: NOTE 1- BASIS OF PRESENTATION
Accounting Policies: y
De Minimis Rate Used: N
Rate Explanation: n/a
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Casa Milagro which operates HUD Project No. 116-HD004 under programs of the federal government for the year ended June30, 2024. The information in this schedule is presented in accordance with the requirements of Title 2 Code of Federal Regulations (CFR) 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 Casa Milagro, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Casa Milagro.
Title: NOTE 4- SUBRECIPIENTS
Accounting Policies: y
De Minimis Rate Used: N
Rate Explanation: n/a
The Organization provided no federal awards to subrecipients.
Title: NOTE 3- CAPITAL ADVANCE
Accounting Policies: y
De Minimis Rate Used: N
Rate Explanation: n/a
At June 30, 2024, Casa Milagro had the following capital advance which is presented as a mortgage payable. The capital advance is also included in the federal expenditures presented.