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 III/IV Nonprofit Housing Corporation 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 III/IV Nonprofit Housing Corporation, HUD Project No. 047-EH001, 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 III/IV Nonprofit Housing
Corporation, it is not intended to and does not present the financial position, changes in net assets or cash flows
of Grange Acres III/IV Nonprofit Housing Corporation.
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 III/IV Nonprofit Housing Corporation 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 III/IV Nonprofit Housing Corporation 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 III/IV Nonprofit Housing Corporation has elected not to use the 10-percent de minimis indirect cost rate
allowed under the Uniform Guidance.
Grange Acres III/IV Nonprofit Housing Corporation 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 III/IV Nonprofit
Housing Corporation received no additional loans during the year. The balance of the loan consists of:
ALN
Program Name Number
Mortgage Insurance for the Purchase or Refinancing
of Existing Multifamily Housing Projects 14.155
Outstanding Balance at
June 30, 2024
$ 4,538,846