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: Allen House Inc. does not have a federally negotiated indirect cost rate and has not elected to use the 10% de minimus rate as covered in the Uniform Guidance.
The schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Allen House Inc. 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 Allen House, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Allen House, Inc.
Title: U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT CAPITAL ADVANCE (SECTION 202)
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: Allen House Inc. does not have a federally negotiated indirect cost rate and has not elected to use the 10% de minimus rate as covered in the Uniform Guidance.
The Organization has received financing for the project consisting of a capital advance in the amount of $1,622,700 from the United States Department of Housing and Urban Development. The advance is subject to HUD compliance requirements and will be forgiven on Septmeber 30, 2055 if all requirements are met.