Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Summary of Significant 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: Indirect Costs - The Project has not elected to use the 10-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 Cornelia House (HUD Project No. 092-35750) under a program 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 (the “Uniform Guidance”). Because the Schedule presents only a selected portion of the operations of Cornelia House (HUD Project No. 092-35750), it is not intended to, and does not present the financial position, changes in net assets, or cash flows of Cornelia House (HUD Project No. 092-35750).
Title: U.S. Department of Housing and Urban Development Mortgage Insurance – Rental and Cooperative Housing for Moderate-Income Families and Elderly, Market Interest Rate
Accounting Policies: Summary of Significant 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: Indirect Costs - The Project has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Cornelia House (HUD Project No. 092-35750) has a loan that is insured by HUD under Section 221(d)(4) 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. The Project received no additional loans during the year. The balance of the loan outstanding at December 31, 2024, is $3,058,341.
Title: Subrecipient
Accounting Policies: Summary of Significant 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: Indirect Costs - The Project has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Project passed no federal awards through to subrecipients.