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: Y
Rate Explanation: The Organization has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying “Schedule of Expenditures of Federal and State Government Awards” (“Schedule”) includes the federal and state award activity of the Organization under programs of the federal and state 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 for Federal Awards (“Uniform Guidance”). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in, the preparation of the basic financial statements. Because the schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the net financial position, changes in net assets or cash flows of the Organization. All federal and state awards received directly from federal and state agencies as well as federal and state financial awards passed through other agencies are included on the schedule.
Title: 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: Y
Rate Explanation: The Organization has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Organization has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Loans Outstanding
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: Y
Rate Explanation: The Organization has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The federal expenditures reported on the schedule include the balance of a loan from a previous year for which the Department of Housing and Urban Development imposes continuing compliance requirements. At December 31, 2024, the balance of this loan outstanding total $305,000.