Notes to SEFA
Title: NOTE 1 – BASIS OF PRESENTATION
Accounting Policies: Section 202 Capital Advance
De Minimis Rate Used: N
Rate Explanation: Upsala Elder Housing Corporation 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
Upsala Elder Housing Corporation 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 Upsala Elder Housing Corporation it is not intended to and does not present the financial
position, changes in net assets, or cash flows of Upsala Elder Housing Corporation
Title: NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Section 202 Capital Advance
De Minimis Rate Used: N
Rate Explanation: Upsala Elder Housing Corporation 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. Upsala Elder Housing Corporation has
elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: NOTE 3 – U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM
Accounting Policies: Section 202 Capital Advance
De Minimis Rate Used: N
Rate Explanation: Upsala Elder Housing Corporation has
elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Upsala Elder Housing Corporation has received a U.S. Department of Housing and Urban Development
direct loan under Section 202 of the National Housing Act. The loan balance outstanding at the beginning
of the year is included in the federal expenditures presented in the Schedule. Upsala Elder Housing
Corporation received no additional loans during the year. The balance of the loan outstanding at March
31, 2025 consists of:
Title: NOTE 3 – U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM
Accounting Policies: Section 202 Capital Advance
De Minimis Rate Used: N
Rate Explanation: Upsala Elder Housing Corporation has
elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Assistance Listing Outstanding Balance at
Number Program Name March 31, 2025
14.157 Section 202 Capital Advance $4,536,000
Title: NOTE 4 - FINDING OF NONCOMPLIANCE
Accounting Policies: Section 202 Capital Advance
De Minimis Rate Used: N
Rate Explanation: Upsala Elder Housing Corporation has
elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
There were no findings of noncompliance identified in connection with the Corporation’s single audit for
the year ended March 31, 2025.