Notes to SEFA
Title: 1. Basis of presentation
Accounting Policies: Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such insured loan expenditures are recognized following the cost principles contained in OMB Circular A-122, “Cost Principles for Non-Profit Organizations.” Such housing assistance payment expenditures are recognized following the cost principles contained in Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowed. Assistance Listing numbers (“AL No.”) are provided when available. The Organization elected not to use the 10% de minimis indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: The organization elected not to use the 10% de minimis indirect cost rate
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the expenditures of NHDC Sunflower Terrace, LLC (the “Organization”) under programs of the federal government for the year ended December 31, 2024. The information in the Schedule is presented in accordance with the requirements of Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards. 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 subawards to the Organization by nonfederal organizations pursuant to federal grants, contracts, and similar agreements.
Title: 2. Outstanding federal loans
Accounting Policies: Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such insured loan expenditures are recognized following the cost principles contained in OMB Circular A-122, “Cost Principles for Non-Profit Organizations.” Such housing assistance payment expenditures are recognized following the cost principles contained in Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowed. Assistance Listing numbers (“AL No.”) are provided when available. The Organization elected not to use the 10% de minimis indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: The organization elected not to use the 10% de minimis indirect cost rate
The following represents the amount of outstanding loans identified by AL No. All loans are provided by U.S. Department of Housing and Urban Development and are included in the Schedule. Prior year
loans with Total
Loans continuing outstanding
AL received compliance loans
No. Program title in 2024 requirements December 31, 2024
14.155 Section 223(f) Insured
Loan $ 0 $ 3,503,987 $ 3,355,297