Notes to SEFA
Title: NOTE A - 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: MHAH and Affiliates 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 (the Schedule) includes the federal award activity of Mutual Housing Association of Hawaii, Inc. (MHAH) and Affiliates under programs of the federal government for the year ended December 31, 2024. 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 of Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations of MHAH and Affiliates, it is not intended to, and does not, present the financial position, changes in net assets, or cash flows of MHAH and Affiliates.
Title: NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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: MHAH and Affiliates has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
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.
Title: NOTE C - INDIRECT COST RATE
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: MHAH and Affiliates has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
MHAH and Affiliates has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: NOTE D - LOANS
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: MHAH and Affiliates has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The federal expenditures for loans are the balances of advances and loans from the current and previous years for which compliance requirements continue. The amounts presented in the Schedule represent the outstanding balance at the beginning of the year, as required by the Uniform Guidance. At December 31, 2024, the outstanding loan balances totaled $10,676,849.
Title: NOTE E - NEIGHBORHOOD REINVESTMENT CORPORATION
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: MHAH and Affiliates has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
MHAH receives grants from the Neighborhood Reinvestment Corporation (NRC) dba
NeighborWorks® America. NRC is a public, congressionally chartered nonprofit organization
that receives direct federal appropriations. Grantees of NRC are subrecipients. Grantees
and subrecipients of NRC funds are encouraged to use assistance listing number 21.000.