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 2 CFR Part 200 Subpart E - (Cost Principles), wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Project has elected not 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 the Denmark Non-Profit Housing Corporation (the “Project”) and is presented as the accrual basis of accounting and 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. Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the presentation of, the basic financial statements.
Title: Disclosure of Other Forms of Assistance
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 2 CFR Part 200 Subpart E - (Cost Principles), wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Project has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Project has guaranteed debt in the Rural Rental Housing loans in the amount of $1,840,956 as of December 31, 2024.
The Project had non-cash assistance in the form of interest subsidy in the amount of $27,165 from Rural Rental Housing loans during fiscal year ending December 31, 2024.