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.
Negative amounts shown on the Schedule represent adjustment or credits made in the normal
course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: GFH Continental Homes, LLC has not elected to use the 10-percent de-minimis indirect cost
rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal award
activity for FHA Project No. 094-11004 of GFH Continental Homes, LLC under programs of the
federal government for the year ended December 31, 2023. 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. Because the Schedule presents only a selected portion of the operations of the Project,
it is not intended to and does not present the financial position, changes in net assets, or cash
flows of the Project.
Title: LOAN PROGRAMS
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.
Negative amounts shown on the Schedule represent adjustment or credits made in the normal
course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: GFH Continental Homes, LLC has not elected to use the 10-percent de-minimis indirect cost
rate as allowed under the Uniform Guidance.
The outstanding balance on loan programs as of December 31, 2023 was as follows: (SEE TABLE IN NOTES TO SEFA)