Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the
federal award activity of Thorpe Housing Development Fund Company, Inc. (the “Project”)
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 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: 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.
The Project has not elected to use the 10 percent de minimis indirect cost rate as allowed under
the Uniform Guidance.