Notes to SEFA
Accounting Policies: Basis of Presentation
This schedule of expenditures of federal awards includes the federal grant activity of Geneva General Housing Development Fund Company, Inc. (North Street Apartments), HUD Project No. 014-11147 (the 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
Insured Mortgage
The Corporation obtained from HUD a guarantee of its mortgage payable. The outstanding balance of this mortgage at December 31, 2024 was $1,643,260.
Indirect Costs
The Corporation has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Indirect Costs
The Corporation has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.