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, as applicable, the cost principles contained in OMB Circular
A-122, "Cost Principles for Non-Profit Corporations" and the cost principles contained in the Uniform
Guidance, wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: Sycamore Square Housing Corporation 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 (the "Schedule") includes the
federal award activity of Sycamore Square Housing Corporation, HUD Project No.: CA390079004
under programs of the federal government 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 Part 200, Uniform Administrative Requirements, Cost Principles, and Audit
Requirements for Federal Awards. Because the Schedule presents only a selected portion of the
operations of Sycamore Square Housing Corporation, it is not intended to and does not present the
financial position, changes in net assets, or cash flows of Sycamore Square Housing Corporation.
For the year ended December 31, 2024, no awards were passed through to subrecipients.
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, as applicable, the cost principles contained in OMB Circular
A-122, "Cost Principles for Non-Profit Corporations" and the cost principles contained in the Uniform
Guidance, wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: Sycamore Square Housing Corporation 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, as applicable, the cost principles contained in OMB Circular
A-122, "Cost Principles for Non-Profit Corporations" and the cost principles contained in the Uniform
Guidance, wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
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, as applicable, the cost principles contained in OMB Circular
A-122, "Cost Principles for Non-Profit Corporations" and the cost principles contained in the Uniform
Guidance, wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: Sycamore Square Housing Corporation has elected not to use the 10-percent de minimis indirect
cost rate allowed under the Uniform Guidance.
Sycamore Square Housing Corporation has elected not to use the 10-percent de minimis
indirect cost rate allowed under the Uniform Guidance.