Notes to SEFA
Accounting Policies: 1. Basis of Presentation:The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Marysville Housing II, Inc. (the Corporation) 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 (CFR) 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 Corporation, it is not intended to and does not present the Corporation's financial position, changes in net assets, or cash flows. 2. Significant Accounting Policies: (a) 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. (b) Marysville Housing II, Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. (c) The outstanding balance of loan and loan guarantee programs at December 31, 2024 with continuing compliance requirements which are reported as federal expenditures was $1,815,400.
De Minimis Rate Used: N
Rate Explanation: Marysville Housing II, Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.