Notes to SEFA
Title: 1. 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 the to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected not to use the 10% de minimums indirect cost rate allowed under the Uniform Guidance
The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal award activity of the Corporation under its program of the federal government for the year ended June 30, 2024. The information in the 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 the Corporation, it is not intended to and
does not present the financial position, changes in net assets, or cash flows of the Corporation.
Title: 2. Summary of Significant Accounting Policies
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 the to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected not to use the 10% de minimums indirect cost rate 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 the to reimbursement.
Title: 3. Indirect Cost Rate
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 the to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected not to use the 10% de minimums indirect cost rate allowed under the Uniform Guidance
The Corporation has elected not to use the 10% de minimums indirect cost rate allowed under the Uniform Guidance
Title: 4. U.S Department of Housing and Urban Development Loan 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 the to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected not to use the 10% de minimums indirect cost rate allowed under the Uniform Guidance
The Corporation has received a U.S Department of Housing and Urban Development Capital Advance under section 811 of the National Housing Act. The capital advance outstanding at beginning of the year is included in the federal expenditures presented in the Schedule. The Corporation received no
additional loans during the year. The balance of the capital advance outstanding at June 30, 2024, consists of the following:
Assistance
Listing Outstanding
Program Name Number Balance
Supportive Housing for Persons with Disabilities 14.181 $ 984,493