Notes to SEFA
Title: CAPITAL ADVANCE
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal grant activity of Friendship House Apartments, Inc. under programs of the federal government for the year ended September 30, 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 Friendship House Apartments, Inc. it is not intended to and does not present the financial position, changes in net assets, or cash flows of Friendship House Apartments, Inc.
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: Friendship House Apartments, Inc. has not elected to use the 10-percent de minimis indirect cost rate as allowed under Uniform Guidance.
This is a capital advance from the Department of Housing and Urban Development (see financial statement Note 6). The capital advance balance at September 30, 2024 was $2,004,400.
Title: SUBRECIPIENTS
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal grant activity of Friendship House Apartments, Inc. under programs of the federal government for the year ended September 30, 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 Friendship House Apartments, Inc. it is not intended to and does not present the financial position, changes in net assets, or cash flows of Friendship House Apartments, Inc.
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: Friendship House Apartments, Inc. has not elected to use the 10-percent de minimis indirect cost rate as allowed under Uniform Guidance.
Friendship House Apartments, Inc. does not have any subrecipients or subrecipient expenditures as of September 30, 2024.