Notes to SEFA
Title: NOTE D - MORTGAGE PAYABLE
Accounting Policies: Note B - SUMMARY OF SIGNIFICANT 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.
De Minimis Rate Used: Both
Rate Explanation: The Uniform Guidance requires that all indirect costs be charged through the use of an approved indirect cost rate. When non indirect cost rate has been approved, the Uniform Guidance allows for a one-time election to use a 10% de minimis reimbursement rate. Crossroads Delta Title Company LLC has not charged any indirect costs to its federal programs since the Uniform Guidance became applicable, and has yet to determine if it will elect the 10% de minimis reimbursement rate.
The mortgage payable represents a permanent building loan provided by HUD. The balance
outstanding on the mortgage as of December 31, 2024, totaled $4,976,717.
Title: NOTE A-BASIS OF PRESENTATION
Accounting Policies: Note B - SUMMARY OF SIGNIFICANT 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.
De Minimis Rate Used: Both
Rate Explanation: The Uniform Guidance requires that all indirect costs be charged through the use of an approved indirect cost rate. When non indirect cost rate has been approved, the Uniform Guidance allows for a one-time election to use a 10% de minimis reimbursement rate. Crossroads Delta Title Company LLC has not charged any indirect costs to its federal programs since the Uniform Guidance became applicable, and has yet to determine if it will elect the 10% de minimis reimbursement rate.
The accompanying schedule of expenditures of federal awards (the "schedule") includes the federal award activity of Crossroads Delta Title Holding Company LLC, HUD Project No. 101-22089, 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 the selected portion of the operations of Crossroads Delta Title Holding Company LLC, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Crossroads Delta Title Holding Company LLC.