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. Minority Housing Corporation of
Topeka, Jefferson Villas 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
Minority Housing Corporation of Topeka, Jefferson Villas 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 Minority Housing Corporation of Topeka, Jefferson Villas, it is not
intended to and does not present the financial position, changes in net assets, or cash flows of Minority
Housing Corporation of Topeka, Jefferson Villas.
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. Minority Housing Corporation of
Topeka, Jefferson Villas 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. Minority Housing Corporation of
Topeka, Jefferson Villas 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. Minority Housing Corporation of
Topeka, Jefferson Villas 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
Minority Housing Corporation of Topeka, Jefferson Villas has received a U.S. Department of Housing and
Urban Development insured loan under Section 207 pursuant to Section 223(f) 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. Minority Housing Corporation of Topeka, Jefferson Villas received no additional
loans during the year. The balance of the loan outstanding at December 31, 2024 consists of:
Outstanding Balance
Federal Assistance Listing Number Program Name at December 31, 2024
14.155 Mortgage Insurance for the Purchase
of Existing Multifamily Housing Projects $ 1,212,360