Notes to SEFA
Title: 1
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance in 2 CFR Part 200, wherein certain types of expenditures are not allowable or limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10% de minimis indirect cost rate.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Church of Christ Assisted Living, Inc., HUD Project No. 044-43094, 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. Because the schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not purport to present the financial position, changes in net assets, or cash flows of the Organization.
Title: 4
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance in 2 CFR Part 200, wherein certain types of expenditures are not allowable or limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10% de minimis indirect cost rate.
The following schedule reconciles the insured mortgage loan per the statement of financial position as of December 31, 2024, to the schedule of expenditures of federal awards (SEFA).
Insured mortgage loan per statement of financial position
Short-term portion $ 301,168
Long-term portion 6,861,938
Total loan payable as of December 31, 2024 7,451,448
Add back principal payments made during 2023 276,062
Total insured mortgage loan per SEFA $ 7,727,510