Notes to SEFA
Title: Mortgage Balance
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Devitt House, Inc. 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 assets, or cash flows of the Project.
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the 10% deminimus indirect cost rate.
The $1,128,007 federal expenditure amount represents the mortgage balance as of January 1, 2024. The balance on the rural rental housing loan was $1,098,252 at December 31, 2024.
Title: Subrecipients
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Devitt House, Inc. 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 assets, or cash flows of the Project.
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the 10% deminimus indirect cost rate.
the Organization did not have any sub-recipients.