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. Negative amounts (if any) shown on the
Schedule represent adjustments or credits made in the normal course of business to amounts reported as
expenditures in prior years. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Grange
Acres Nonprofit Housing Corporation (Phase II) 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 (the “Schedule”) includes the federal grant
activity of Grange Acres Nonprofit Housing Corporation (Phase II), HUD Project No. 047-35019 under programs
of the federal government for the year ended June 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 Administrative
Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the
Schedule presents only a selected portion of the operations of Grange Acres Nonprofit Housing Corporation
(Phase II), it is not intended to and does not present the financial position, changes in net assets or cash flows of
Grange Acres Nonprofit Housing Corporation (Phase II).
Title: SUMMARY OF SIGNIFICANT ACCOUNTING
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. Negative amounts (if any) shown on the
Schedule represent adjustments or credits made in the normal course of business to amounts reported as
expenditures in prior years. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Grange
Acres Nonprofit Housing Corporation (Phase II) has elected not to use the 10-percent de minimis 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 to reimbursement. Negative amounts (if any) shown on the
Schedule represent adjustments or credits made in the normal course of business to amounts reported as
expenditures in prior years. Pass-through entity identifying numbers are presented where available. Grange
Acres Nonprofit Housing Corporation (Phase II) has elected not to use the 10-percent de minimis indirect cost
rate allowed under the Uniform Guidance.
Title: 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 to reimbursement. Negative amounts (if any) shown on the
Schedule represent adjustments or credits made in the normal course of business to amounts reported as
expenditures in prior years. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Grange
Acres Nonprofit Housing Corporation (Phase II) has elected not to use the 10-percent de minimis indirect cost
rate allowed under the Uniform Guidance.
Grange Acres Nonprofit Housing Corporation (Phase II) has received a U.S. Department of Housing and Urban
Development direct loan under Section 223(f) of the National Housing Act. The loan balance at the beginning of
the year is included in the federal expenditures presented in the Schedule. Grange Acres Nonprofit Housing
Corporation (Phase II) received no additional loans during the year. The balance of the loan consists of:
Program Name ALN
Mortgage Insurance for the Purchase or Refinancing
of Existing Multifamily Housing Projects 14.155 $ 1,062,041