Notes to SEFA
Title: NOTE 1 – SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Basis of presentation – The schedule of expenditures of federal awards is prepared 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Federal expenditures include allowable costs funded by federal grants. Allowable costs are subject to the cost principles of the Uniform Guidance and include costs that are recognized as expenses in the Partnership’s financial statements in conformity with generally accepted accounting principles. The Partnership has not elected to use the 10% de minimis cost rate for indirect costs and does not charge indirect costs to its federal grants. The Partnership does not have any subrecipients.
De Minimis Rate Used: N
Rate Explanation: The Auditee has not elected to use the 10% de minimis cost rate for indirect costs.
Basis of presentation – The schedule of expenditures of federal awards is prepared 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Federal expenditures include allowable costs funded by federal grants. Allowable costs are subject to the cost principles of the Uniform Guidance and include costs that are recognized as expenses in the Partnership’s financial statements in conformity with generally accepted accounting principles. The Partnership has not elected to use the 10% de minimis cost rate for indirect costs and does not charge indirect costs to its federal grants. The Partnership does not have any subrecipients.
Title: NOTE 2 – U. S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM
Accounting Policies: Basis of presentation – The schedule of expenditures of federal awards is prepared 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Federal expenditures include allowable costs funded by federal grants. Allowable costs are subject to the cost principles of the Uniform Guidance and include costs that are recognized as expenses in the Partnership’s financial statements in conformity with generally accepted accounting principles. The Partnership has not elected to use the 10% de minimis cost rate for indirect costs and does not charge indirect costs to its federal grants. The Partnership does not have any subrecipients.
De Minimis Rate Used: N
Rate Explanation: The Auditee has not elected to use the 10% de minimis cost rate for indirect costs.
The Partnership received a U. S. Department of Housing and Urban Development deferred payment loan funded by Assistance Listing #14.228 passed through the City of Houston totaling $9,950,000. The balance of the loan outstanding at December 31, 2024 is reported in the schedule of expenditures of federal awards.