Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards ("Schedule") includes the federal award activity of Saint Mary's Housing Corporation and Subsidiary, HUD Project No.: VA3-9H027002, 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 Saint Mary's Housing Corporation and Subsidiary, it is not intended to and does not present the consolidated financial position, changes in net assets, or cash flows of Saint Mary's Housing Corporation and Subsidiary. For the year ended December 31, 2024, no awards were passed through to subrecipients. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable 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: Saint Mary's Housing Corporation and Subsidiary has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.