Title: BASIS OF PRESENTATION
Accounting Policies: 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).
De Minimis Rate Used: N
Rate Explanation: Community Reinvestment Foundation - X, Inc. d/b/a Cloverleaf Apartments, Phase III 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 includes the federal award activity of Community Reinvestment Foundation - X, Inc. d/b/a Cloverleaf Apartments, Phase III and is presented on the accrual basis of accounting. 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 Community Reinvestment Foundation - X, Inc. d/b/a Cloverleaf Apartments, Phase III, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Community Reinvestment Foundation - X, Inc. d/b/a Cloverleaf Apartments, Phase III.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: 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).
De Minimis Rate Used: N
Rate Explanation: Community Reinvestment Foundation - X, Inc. d/b/a Cloverleaf Apartments, Phase III has elected not to use the 10 percent de minimis indirect cost rate as 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. Community Reinvestment Foundation - X, Inc. d/b/a Cloverleaf Apartments, Phase III has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM
Accounting Policies: 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).
De Minimis Rate Used: N
Rate Explanation: Community Reinvestment Foundation - X, Inc. d/b/a Cloverleaf Apartments, Phase III has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Community Reinvestment Foundation X, Inc. d/b/a Cloverleaf Apartments, Phase III has received a U.S. Department of Housing and Urban Development direct loan under Section 223(f) of the National Housing Act. The loan balance outstanding at the beginning of the period is included in the federal expenditures presented in the Schedule. Community Reinvestment Foundation - X, Inc. d/b/a Cloverleaf Apartments, Phase III received no additional loans during the period. The balance of the loan outstanding at January 29, 2025 consists of $1,643,766.