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: N
Rate Explanation: Southeastern Housing Preservation, Inc. elected not to use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Southeastern Housing Preservation, Inc., under programs of the federal government for the year ended September 30, 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). Because the Schedule presents only a selected portion of the operations of Southeastern Housing Preservation, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Southeastern Housing Preservation, Inc.
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: N
Rate Explanation: Southeastern Housing Preservation, Inc. elected not to use the de minimis cost rate.
The apartment projects of Southeastern Housing Preservation, Inc. had the following loan balances outstanding as of September 30, 2024: Program Title/Project - Assistance Listing Number - Amount Outstanding; Rural Rental Housing Loans - Sedgefield Apartments - 10.415 - $90,792.95; Rural Rental Housing Loans - Springfield Apartments - 10.415 - $276,469.81; Rural Rental Housing Loans - Springwood Apartments - 10.415 - $575,648.87; Total Loans: $942,911.63.