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: Capitol
Grange Senior Citizens' Housing Corporation (Phase I) 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 Capitol Grange Senior Citizens' Housing Corporation (Phase I), HUD Project No. 047-SH024, 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 Capitol Grange Senior Citizens'
Housing Corporation (Phase I), it is not intended to and does not present the financial position, changes in net
assets or cash flows of Capitol Grange Senior Citizens' Housing Corporation (Phase I).
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: Capitol
Grange Senior Citizens' Housing Corporation (Phase I) 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. Capitol
Grange Senior Citizens' Housing Corporation (Phase I) 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: Capitol
Grange Senior Citizens' Housing Corporation (Phase I) has elected not to use the 10-percent de minimis indirect
cost rate allowed under the Uniform Guidance.
Capitol Grange Senior Citizens' Housing Corporation (Phase I) 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. Capitol Grange Senior
Citizens' Housing Corporation (Phase I) 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 $ 1,694,375