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. Bethel Housing Community
Development, Inc. 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 Bethel
Housing Community Development, Inc. 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 Bethel Housing Community Development, Inc., it is not intended to and does
not present the financial position, changes in net assets, or cash flows of Bethel Housing Community
Development, Inc.
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. Bethel Housing Community
Development, Inc. 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. Bethel Housing Community
Development, Inc. 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. Bethel Housing Community
Development, Inc. 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
Bethel Housing Community Development, Inc. 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. Bethel Housing Community Development, Inc. received no additional loans during the year.
The balance of the loans outstanding at December 31, 2024 consists of:
Federal Assistance Outstanding Balance
Listing Number Program Name at December 31, 2024
14.155 Mortgage Insurance for the purchase or
refinance of existing Multifamily Housing Projects $ 2,135,994
14.164 Residual Receipt Note (Flexible Subsidy Loan) $ 1,433,472