Notes to SEFA
Title: Note A-Basis of Presentation
Accounting Policies: Acccrual Basis of Accounting
De Minimis Rate Used: N
Rate Explanation: The Organization uses the cost rate allowed by each granting source
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Tierra Del Sol Housing Corporation under programs of the federal government for the year ended Septembe 30, 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 Aministrative Requirements. Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Tierra del Sol Housing Corporation, it is not intended to and does not present the financial postion, changes in net assets, or cash flows of Tierra del Sol Housing Corporation.
Title: Not B - Summary of Significant Accounting Policies
Accounting Policies: Acccrual Basis of Accounting
De Minimis Rate Used: N
Rate Explanation: The Organization uses the cost rate allowed by each granting source
(1) Expenditures reported on the Schedule are reported on the accural 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.
Title: Not B - Summary of Significant Accounting Policies
Accounting Policies: Acccrual Basis of Accounting
De Minimis Rate Used: N
Rate Explanation: The Organization uses the cost rate allowed by each granting source
(2) Tierra del Sol Counting Corporation has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Not B - Summary of Significant Accounting Policies
Accounting Policies: Acccrual Basis of Accounting
De Minimis Rate Used: N
Rate Explanation: The Organization uses the cost rate allowed by each granting source
(3) Loans or Loan Guarantees: The Organization had the following balances outstanding at September 30, 2024. USDA RD (Tierra Encantada) CFDA 10.405 $13,873, HOME Program Loan Agreement (Tierra Encantada) 14.239 $187,752 . The loans are described in Note L of the Organization's financial guarantees outstanding at year-end.
Title: Not B - Summary of Significant Accounting Policies
Accounting Policies: Acccrual Basis of Accounting
De Minimis Rate Used: N
Rate Explanation: The Organization uses the cost rate allowed by each granting source
(4) Non-Cash Assistance - During the current fiscal year, the Organization did not expend any federal non-cash assistance.
Title: Not B - Summary of Significant Accounting Policies
Accounting Policies: Acccrual Basis of Accounting
De Minimis Rate Used: N
Rate Explanation: The Organization uses the cost rate allowed by each granting source
(5)Reconciliation of Federal expenditures of Federal Awards to Statement of Activities: Total federal awards expended per schedule fo expenditures of federal awards $1,743,792, Mortgage loans recorded on affiliated entities books (201,625). Federal grants and contracts on page 7 $1,542,167.