Notes to SEFA
Title: 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.
De Minimis Rate Used: N
Rate Explanation: Senior Citizens Housing Development Corporation of South Boston, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal award activity of Senior Citizens Housing Development Corporation of South Boston, Inc., operating as South Boston Elderly, HUD Project No. 023-EH364, 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 Senior Citizens Housing Development Corporation of South Boston, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Senior Citizens Housing Development Corporation of South Boston, Inc.
Title: U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT CAPITAL ADVANCE 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.
De Minimis Rate Used: N
Rate Explanation: Senior Citizens Housing Development Corporation of South Boston, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Senior Citizens Housing Development Corporation of South Boston, Inc. has received a HUD 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. Senior Citizens Housing Development Corporation of South Boston, Inc. received no additional loans during the year. The balance of the capital advance outstanding as of December 31, 2024 was $4,223,800.