Notes to SEFA
Title: HUD INSURED MORTGAGE
Accounting Policies: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of
Jefferson Avenue School Associates, Inc., (JASA) under programs of the federal government for the year ended
December 31, 2024. The information is 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 JASA, it is not intended to and does not present the financial position, changes in net assets, or
cash flows of JASA.
(1) 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: JASA did not use the 10 percent de minimis indirect cost rate.
JASA had the following loan balance outstanding at December 31, 2024. This loan balance as of the beginning of
the year is included in the federal expenditures presented in the schedule. Federal ALN Number FederalGrantor/Pass-through Grantor/Program Title Federal Expenditures 14.155 Section 223(f) Mortgage $2,946,933