Notes to SEFA
Title: Basis of Accounting and Relationship to the Financial Statements
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal financial assistance programs of ACTION-Housing, Inc. and Subsidiaries (the Organization). The Organization's reporting entity is described in Note 1 - Organization to the consolidating financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying Schedule of Expenditures of Federal Awards (SEFA) is presented using the accrual basis of accounting, which is described in Note 2 - Summary of Significant Accounting Policies to the consolidating financial statements of the Organization. Federal financial assistance revenues are recognized in the consolidating financial statements as support and revenues.