Notes to SEFA
Title: NOTE A - BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. When applicable, 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. No federal financial assistance has
been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: The Authority does not draw for indirect administrative expenses and has not elected to use the 10% de minimis
cost rate.
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity
of the Authority under programs of the federal government for the year ended December 31, 2024. The
information 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). Because the schedule presents only a selected portion of the operations of the Authority, it is not
intended to and does not present the financial position, changes in net position, or cash flows of the Authority.
The accompanying schedule of expenditures of federal awards does not include the federal grant activity of the
blended component units, Creekside Operating LLC and Orchard Crossing East, LLC. These awards are subject to
the audits performed under the Consolidated Audit Guide for Audits of HUD Programs.
Title: NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. When applicable, 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. No federal financial assistance has
been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: The Authority does not draw for indirect administrative expenses and has not elected to use the 10% de minimis
cost rate.
Expenditures reported on the schedule are reported on the accrual basis of accounting. When applicable, 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. No federal financial assistance has
been provided to a subrecipient.
Title: NOTE C - INDIRECT COST RATE
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. When applicable, 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. No federal financial assistance has
been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: The Authority does not draw for indirect administrative expenses and has not elected to use the 10% de minimis
cost rate.
The Authority does not draw for indirect administrative expenses and has not elected to use the 10% de minimis
cost rate.
Title: NOTE D - MORTGAGE PAYABLE INSURED BY HUD
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. When applicable, 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. No federal financial assistance has
been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: The Authority does not draw for indirect administrative expenses and has not elected to use the 10% de minimis
cost rate.
The Authority’s financial statements include blended component units that have loans with continuing
compliance requirements that are not subject to the Uniform Guidance, and therefore, not included in the
Authority’s Schedule of Expenditures of Federal Awards. Below is a summary of the entities and the
outstanding balance at the beginning of the year under Section 221(d)(4), pursuant to Section 223(a)(7) (Markto
Market Program) and Section 223(f): Creekside Operating, LLC $6,062,524
Orchard Crossing East, LLC $6,552,642