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. Corinthian Square Senior Citizens
Housing Corporation 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
Corinthian Square Senior Citizens Housing 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 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 Corinthian Square Senior Citizens Housing Corporation, it is not intended to
and does not present the financial position, changes in net assets, or cash flows of Corinthian Square Senior
Citizens Housing Corporation.
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. Corinthian Square Senior Citizens
Housing Corporation 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. Corinthian Square Senior Citizens
Housing Corporation 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. Corinthian Square Senior Citizens
Housing Corporation 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
Urban Development insured 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.
Corinthian Square Senior Citizens Housing Corporation 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
14.157 Supportive Housing for the Elderly $ 2,284,822