Notes to SEFA
Title: Basis of Presentation
Accounting Policies: (a) 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.
(b) The Corporation has elected not to use the 10 percent de minimis indirect cost rate as allowed
under the Uniform Guidance.
(c) The outstanding balance of loan and loan guarantee programs at March 31, 2025 with continuing
compliance requirements which are reported as federal expenditures on the accompanying schedule
of expenditures of federal awards was $1,529,348.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected not to use the 10 percent de minimis indirect cost rate as allowed
under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal
award activity of National Church Residences Homestead Van Wert OH (the Corporation) under
programs of the federal government for the year ended March 31, 2025.
The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code
of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and
Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a
portion of the Corporation, it is not intended to and does not present the Corporation’s financial
position, changes in net assets or cash flows.