Notes to SEFA
Title: 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.
De Minimis Rate Used: N
Rate Explanation: HIL has elected not to use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Housing For Independent Living, Inc. (HIL), HUD Project No. 023-11164, under programs of the federal government for the period July 1, 2023 through March 11, 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 HIL, it is not intended to and does not present the financial position, changes in net assets or cash flows of HIL.
Title: Mortgage Insurance
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: N
Rate Explanation: HIL has elected not to use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance.
The Section 207 mortgage insurance – Rental Housing is included on the Schedule at the outstanding balance of the mortgage at July 1, 2023, as it includes continuing compliance requirements from HUD. During the period July 1, 2023 through March 11, 2024, no additional mortgage proceeds were received and the debt was paid in full as of March 11, 2024.