Notes to SEFA
Title: Note A-Basis of Presentation
Accounting Policies: ACCRUAL
De Minimis Rate Used: N
Rate Explanation: Silverwood Casitas, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal award activity of Silverwood Casitas, Inc. HUD Project No. 123-EE113, 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 the schedule presents only a selected portion of the operations of Silverwood Casitas, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Silverwood Casitas, Inc.
Title: Note B-Summary of Significant Accounting Policies
Accounting Policies: ACCRUAL
De Minimis Rate Used: N
Rate Explanation: Silverwood Casitas, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
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. Silverwood Casitas, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Note C-U.S. Department of Housing and Urban Development Loan Program
Accounting Policies: ACCRUAL
De Minimis Rate Used: N
Rate Explanation: Silverwood Casitas, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Silverwood Casitas, Inc. has received a U.S. Department of Housing and Urban Development direct loan under Section 202 of the National Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Silverwood Casitas, Inc. received no additional loans during the year. The balance of the loan outstanding at December 31, 2024 consists of:CFDA Number Program Name December 31, 2024
14.157 Section 202 Capital Advance $4,679,400
14.239 Section 202 Demonstration Grant 319,000
14.239 HOME Investment Program 861,000
Total Loan Balances $5,859,400