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: HEAL Development Corporation, HUD Project No: 042-HD027, has elected not to use the 10-percent or 15-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal grant activity of HEAL Development Corporation, HUD Project No: 042-HD027, under the 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 HEAL Development Corporation, HUD Project No: 042-HD027 it is not intended to and does not present the financial position, changes in net assets and cash flows of HEAL Development Corporation, HUD Project No: 042-HD027.
Title: SECTION 811 CAPITAL ADVANCE LOAN - FEDERAL ASSISTANCE LISTING 14.181
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: HEAL Development Corporation, HUD Project No: 042-HD027, has elected not to use the 10-percent or 15-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The amount of $1,256,800 shown on the Schedule of Expenditures of Federal Awards (schedule) represents the capital advance from HUD outstanding at the beginning of the year. There were no capital advances made during the year. The balance of the loans outstanding at December 31, 2024 amounted to $1,256,800.