Notes to SEFA
Title: 1. BASIS OF PRESENTATION
Accounting Policies: 2. SUMMARY OF SIGNIFICANT 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. The Company has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: See summary of significant accounting policies note.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of The Bridge Housing Corporation (the “Company”) 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 (the “Uniform Guidance”). Because the Schedule presents only a selected portion of the operations of the Company, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Company.
Title: 3. U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM
Accounting Policies: 2. SUMMARY OF SIGNIFICANT 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. The Company has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: See summary of significant accounting policies note.
The Company has received loans funded by programs of U.S. Department of Housing and Urban Development. Such balances outstanding at the beginning of the year are included in the federal expenditures presented in the Schedule. Such balances have been included as net assets in the financial statements of the Company as of December 31, 2024, since the likelihood of repayment is remote. The Company received no additional loans during the year ended December 31, 2024. The balances of the loans outstanding at December 31, 2024 are as follows:
CFDA Number Program Name Outstanding Balance
14.181 Section 811 Capital Advance Mortgage $ 1,373,700
14.239 HOME Investment Partnership Program 89,245
Total $ 1,462,945