Notes to SEFA
Accounting Policies: 1. Basis of Presentation: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of ABCAP Housing VI, Inc. (the Corporation), under programs of the federal government for the year ended December 31, 2024. 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 the Corporation, it is not intended to and does not present the Corporation's financial position, changes in net assets, or cash flows of the Corporation. 2. Significant Accounting Policies: (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. (b) ABCAP Housing VI, Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. (c) ABCAP Housing VI, Inc. has received a U.S. Department of Housing and Urban Development capital advance under Section 811 of the National Housing Act. The capital advance balance outstanding at the beginning of the year is included in the federal expenditures presented above. The outstanding balance at December 31, 2024 is $1,085,400.
De Minimis Rate Used: N
Rate Explanation: ABCAP Housing VI, Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.