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 OMB Circular A-122 and
Uniform Guidance. The Organization did not elect to use the 10 percent de minimis indirect cost rate as allowed under the
Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Organization did not elect to use the 10 percent de minimis indirect cost rate as allowed under the
Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of International Place Council (the Organization) under programs of federal 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). Because the Schedule presents only a selected portion of the operation of the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
Title: CAPITAL ADVANCE AND GRANT
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 OMB Circular A-122 and
Uniform Guidance. The Organization did not elect to use the 10 percent de minimis indirect cost rate as allowed under the
Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Organization did not elect to use the 10 percent de minimis indirect cost rate as allowed under the
Uniform Guidance.
At December 31, 2024, International Place Council had the following Supportive Housing for the Elderly - Section 202 capital advance and CDBG funds which are presented within the net assets with donor restrictions. The capital advance and CDBG and funds are also included in the federal expenditures
presented. Program or Cluster Title/Assistance Listing Number/Amount Outstanding: Supportive Housing for the Elderly - Section 202 Capital Advance/14.157/$5,439,500; Community Development Block Grants/14.218/$232,000.