Notes to SEFA
Title: NOTE A - 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 allowable or are limited as to reimbursement. Gates Lake Housing Development
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: N/A
The accompanying schedule of expenditures of federal awards includes the federal award activity of Gates
Lake Housing Development 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 Gates Lake Housing Development Corporation, it is not intended to and does
not present the financial position, changes in net assets, or cash flows of Gates Lake Housing Development
Corporation
Title: NOTE B – 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 allowable or are limited as to reimbursement. Gates Lake Housing Development
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: N/A
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. Gates Lake Housing Development
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: 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. Gates Lake Housing Development
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: N/A
Gates Lake Housing Development 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. Gates Lake Housing Development 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 $ 1,173,500