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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts (if any) shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Housing Resources, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance for awards
executed on or before September 30, 2024 and also has not elected to use the 15-percent de minimis indirect cost rate allowed under Uniform Guidance for awards executed on or after October 1, 2024.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award
activity of Housing Resources, Inc. 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
Housing Resources, Inc., it is not intended to and does not present the financial position, changes in net assets
or cash flows of Housing Resources, Inc.
Title: 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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts (if any) shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Housing Resources, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance for awards
executed on or before September 30, 2024 and also has not elected to use the 15-percent de minimis indirect cost rate allowed under Uniform Guidance for awards executed on or after October 1, 2024.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are
recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures
are not allowable or are limited as to reimbursement. Negative amounts (if any) shown on the Schedule
represent adjustments or credits made in the normal course of business to amounts reported as expenditures
in prior years. Pass-through entity identifying numbers are presented where available. Housing Resources, Inc.
has elected not to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance for awards
executed on or before September 30, 2024 and also has not elected to use the 15-percent de minimis indirect
cost rate allowed under Uniform Guidance for awards executed on or after October 1, 2024.
Title: RECONCILIATION WITH AUDITED CONSOLIDATED FINANCIAL STATEMENTS
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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts (if any) shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Housing Resources, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance for awards
executed on or before September 30, 2024 and also has not elected to use the 15-percent de minimis indirect cost rate allowed under Uniform Guidance for awards executed on or after October 1, 2024.
The following summary reconciles total federal awards with the audited consolidated financial statements for
the year ended December 31, 2024:
Total federal awards per the schedule of
expenditures of federal awards $ 1,640,877
Add non-federal awards contained in the audited
consolidated financial statements received from:
Michigan State Housing Development Authority 90,000
City of Kalamazoo 25,000
Other 10,415
Total grant revenue per audited consolidated financial statements $ 1,766,292