Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards and OMB Circular A-122 Cost Principles for Non-Profit Organizations; wherein certain types of expenditures are not allowed. Assistance Listing numbers (“AL No.”) are provided when available.
The Organization has elected to use the de minimis rate of 10% of modified total direct costs as an indirect cost allocation factor, as allowed under 2C.F.R. §200.414.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the de minimis rate of 10% of modified total direct costs as an indirect cost allocation factor, as allowed under 2C.F.R. §200.414.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the expenditures of Chaparral Senior Housing Inc. (a New Mexico non-profit public benefit corporation) under programs of the federal government for the year ended December 31, 2024. The information in the Schedule is presented in accordance with the requirements of Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards. Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of the basic financial statements.
For purposes of the Schedule, federal awards include all sub awards to the Organization by nonfederal organizations pursuant to federal grants, contracts and similar agreements.
Title: U.S. Department of Housing and Urban Development loan program
Accounting Policies: Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards and OMB Circular A-122 Cost Principles for Non-Profit Organizations; wherein certain types of expenditures are not allowed. Assistance Listing numbers (“AL No.”) are provided when available.
The Organization has elected to use the de minimis rate of 10% of modified total direct costs as an indirect cost allocation factor, as allowed under 2C.F.R. §200.414.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the de minimis rate of 10% of modified total direct costs as an indirect cost allocation factor, as allowed under 2C.F.R. §200.414.
The Organization has received a U.S. Department of Housing and Urban Development (“HUD”) direct loan under Section 202 of the National Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. The Organization received no additional loans during the year. The balance of the loan outstanding at December 31, 2024 consists of:
AL Number Program Name Outstanding Balance at December 31, 2024
14.157 Section 202 direct loan $ 1,375,400