Notes to SEFA
Title: Basis of presentation
Accounting Policies: Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards and OMB Circular A-122, Cost Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowed. Assistance Listing numbers (“AL No.”) are provided when available.
De Minimis Rate Used: N
Rate Explanation: The Corporation elected not to use the 10% de minimis indirect cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the
expenditures of Century Affordable Development, Inc. (a California non-profit public benefit
corporation) and subsidiaries under programs of the federal government for the year ended December
31, 2024. The information in the Schedule is presented in accordance with the requirements of
Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards.
Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in
the preparation of the basic consolidated financial statements.
For purposes of the Schedule, federal awards include all sub awards to the organization by nonfederal
organizations pursuant to federal grants, contracts and similar agreements