Notes to SEFA
Title: Note 1: 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. The 10-percent de minimis indirect cost rate allowed under
the Uniform Guidance is not applicable to the Organization since the Organization has no cost reimbursable grants
or contracts.
De Minimis Rate Used: N
Rate Explanation: The 10-percent de minimis indirect cost rate allowed under
the Uniform Guidance is not applicable to the Organization since the Organization has no cost reimbursable grants
or contracts.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity
of L. W. Fraser Independent Living Project, Inc., Sheridan Court, HUD Project No. 092-11227 and is presented
on the accrual basis of accounting. 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 the Project, it is not intended to and does not present the financial position,
changes in net deficit, or cash flows of L. W. Fraser Independent Living Project, Inc., Sheridan Court.
Title: Note 2: 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 the Uniform Guidance, wherein certain types of expenditures
are not allowable or are limited as to reimbursement. The 10-percent de minimis indirect cost rate allowed under
the Uniform Guidance is not applicable to the Organization since the Organization has no cost reimbursable grants
or contracts.
De Minimis Rate Used: N
Rate Explanation: The 10-percent de minimis indirect cost rate allowed under
the Uniform Guidance is not applicable to the Organization since the Organization has no cost reimbursable grants
or contracts.
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. The 10-percent de minimis indirect cost rate allowed under
the Uniform Guidance is not applicable to the Organization since the Organization has no cost reimbursable grants
or contracts.
Title: Note 3: U.S. Department of Housing and Urban Development Loan Program
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. The 10-percent de minimis indirect cost rate allowed under
the Uniform Guidance is not applicable to the Organization since the Organization has no cost reimbursable grants
or contracts.
De Minimis Rate Used: N
Rate Explanation: The 10-percent de minimis indirect cost rate allowed under
the Uniform Guidance is not applicable to the Organization since the Organization has no cost reimbursable grants
or contracts.
Sheridan Court has received a U.S. Department of Housing and Urban Development direct loan under Section 207
pursuant to Section 223(f) of the National Housing Act. The loan balance outstanding at the beginning of the year
is included in the federal expenditures presented in the Schedule. Sheridan Court received no additional loans
during the year. The balance of the loan outstanding at December 31, 2024 consists of:
CFDA Number Program Name
Outstanding Balance at
December 31, 2024
14.134 Section 207 pursuant to Section
223(f) Loan
$1,040,369