Notes to SEFA
Title: 1. GENERAL
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting used by the Organization to report to the federal government. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Organization did not elect to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards presents the activity of all federal awards programs of Baptist Health Enriched Housing Program, Inc. (the Organization) under programs of the federal government for the year ended December 31, 2024. Federal awards received directly from federal agencies, as well as federal awards passed through other government agencies, are included in the schedule.
The information in this schedule is presented in accordance with the requirement 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 operations of the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows for the Organization.
Title: 2. BASIS OF ACCOUNTING
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting used by the Organization to report to the federal government. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Organization did not elect to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting used by the Organization to report to the federal government. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement.
Title: 3. INSURED MORTGAGE
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting used by the Organization to report to the federal government. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Organization did not elect to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The Organization obtained a mortgage guarantee from HUD. The outstanding balance of this mortgage at December 31, 2024 was $9,449,412.
Title: 4. INDIRECT COST RATE
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting used by the Organization to report to the federal government. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Organization did not elect to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The Organization did not elect to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.