Notes to SEFA
Title: NOTE A - 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, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. MRC Housing Development Fund
Company, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform
Guidance.
De Minimis Rate Used: N
Rate Explanation: N/A
The accompanying schedule of expenditures of federal awards includes the federal award activity of MRC
Housing Development Fund Company, Inc. and is presented on the accrual basis of accounting. 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 MRC Housing Development Fund Company, Inc., it is not intended to and does
not present the financial position, changes in net assets, or cash flows of MRC Housing Development Fund
Company, Inc.
Title: NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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. MRC Housing Development Fund
Company, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform
Guidance.
De Minimis Rate Used: N
Rate Explanation: N/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. MRC Housing Development Fund
Company, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform
Guidance.
Title: NOTE C – U.S. Department of Housing and Urban Development Loan Program
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. MRC Housing Development Fund
Company, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform
Guidance.
De Minimis Rate Used: N
Rate Explanation: N/A
MRC Housing Development Fund Company, Inc. has received a U.S. Department of Housing and Urban
Development Capital Advance under Section 202 of the National Housing Act. The Capital Advance
balance outstanding at the beginning of the year is included in the federal expenditures presented in the
Schedule. MRC Housing Development Fund Company, Inc. received no additional Capital Advances
during the year. The balance of the Capital Advance outstanding at December 31, 2024 consists of:
Outstanding Balance
Federal Assistance Listing Number Program Name at December 31, 2024
14.157 Supportive Housing for the Elderly $ 5,065,800