Notes to SEFA
Title: Loan/loan guarantee outstanding balances
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: Good Shepherd Housing Corporation has elected not to use the 10 percent de minimus cost rate as allowed under Uniform Guidance.
Good Shepherd Housing Corporation has received a U.S. Department of Housing and Urban Development capital advance under Section 202 of the National Housing Act. The capital advance balance outstanding at the beginning of the year is included in the Federal expenditures presented in the Schedule. Good Shepherd Housing Corporation received no additional advances during the year. The balance of the capital advance outstanding at December 31, 2024 consists of: SUPPORTIVE HOUSING FOR THE ELDERLY (14.157) - Balances outstanding at the end of the audit period were $1,311,700.
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: Good Shepherd Housing Corporation has elected not to use the 10 percent de minimus cost rate as allowed under Uniform Guidance.
The accompanying schedule of expenditures of Federal awards (the “Schedule”) includes the Federal award activity of Good Shepherd Housing Corporation 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 Good Shepherd Housing Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Good Shepherd Housing Corporation.