Notes to SEFA
Title: NOTE 1 BASIS OF PRESENTATION
Accounting Policies: 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 allowed or are limited as to reimbursement, when applicable.
De Minimis Rate Used: N
Rate Explanation: The Cooperative has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform
Guidance.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Realife of
Columbus HUD Project No. 103-94011 for the year ended December 31, 2024. The information in this schedule
is presented in accordance with the requirements of Title 2 U.S. 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 Realife of Columbus, it is
not intended to and does not present the financial position, activities, or cash flows of Realife of Columbus.
Title: NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: 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 allowed or are limited as to reimbursement, when applicable.
De Minimis Rate Used: N
Rate Explanation: The Cooperative has not elected to use the 10 percent de minimis indirect cost rate as 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 allowed or are limited as to reimbursement, when applicable.
Title: NOTE 3 INDIRECT COST RATE
Accounting Policies: 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 allowed or are limited as to reimbursement, when applicable.
De Minimis Rate Used: N
Rate Explanation: The Cooperative has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform
Guidance.
The Cooperative has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform
Guidance.
Title: NOTE 4 SECTION 213 MORTGAGE INSURANCE – SINGLE FAMILY COOPERATIVE HOUSING
Accounting Policies: 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 allowed or are limited as to reimbursement, when applicable.
De Minimis Rate Used: N
Rate Explanation: The Cooperative has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform
Guidance.
The outstanding balance of the federally insured mortgage at December 31, 2024 was $929,509.