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: Evangeline Council Housing for the Elderly, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal grant activity of Evangeline Council Housing for the Elderly, Inc., HUD Project 064-11118, 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 Evangeline Council Housing for the Elderly, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Evangeline Council Housing for the Elderly, Inc.
Title: U.S. DEPARTMENT OF HUD REFINANCE PROGRAM
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: Evangeline Council Housing for the Elderly, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Evangeline Council Housing for the Elderly, Inc. has received a HUD mortgage insurance for the refinancing of existing multifamily housing projects under section 207/223(f) 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. Evangeline Council Housing for the Elderly, Inc. received no additional loans during the year. The balance of the loan outstanding as of September 30, 2024, was $4,710,943.