Notes to SEFA
Title: NOTE A - BASIS OF PRESENTATION
Accounting Policies: NOTE B – SUMMARY OF SIGNIFICANT 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 allowable or are limited as to reimbursement. St. George Housing Corporation has
elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: St. George 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 includes the federal award activity of St.
George Housing Corporation 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 St. George
Housing Corporation, it is not intended to and does not present the financial position, changes in net assets,
or cash flows of St. George Housing Corporation
Title: NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: NOTE B – SUMMARY OF SIGNIFICANT 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 allowable or are limited as to reimbursement. St. George Housing Corporation has
elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: St. George 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 the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. St. George Housing Corporation 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: NOTE B – SUMMARY OF SIGNIFICANT 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 allowable or are limited as to reimbursement. St. George Housing Corporation has
elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: St. George Housing Corporation has
elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
St. George Housing Corporation has received a U.S. Department of Housing and Urban Development
Capital Advance under Section 811 of the National Housing Act. The Capital Advance under Section 811
balance outstanding at the beginning of the year is included in the federal expenditures presented in the
Schedule. St. George Housing Corporation received no additional Capital Advance loans during the year.
The balance of the Capital Advance outstanding at December 31, 2024 consists of:
Federal
Assistance
Listing Number Program Name
Outstanding Balance
at December 31, 2024
Supportive Housing for Persons with
Disabilities (Section 811 Capital Advance)
14.181 $ 984,800