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. Community Developers of Granite Quarry, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Community Developers of Granite Quarry, Inc. 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 award activity of Community Developers of Granite Quarry, Inc., under programs of the federal government for the period January 1, 2024 through January 9, 2025. 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 Community Developers of Granite Quarry, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Community Developers of Granite Quarry, Inc.
Title: LOAN OUTSTANDING
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. Community Developers of Granite Quarry, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Community Developers of Granite Quarry, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Community Developers of Granite Quarry, Inc. had the following loan balance, related to federal awards, outstanding as of January 9, 2025: Program Title: Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects (Section 207/223(f)); Assistance Listing Number: 14.155; Amount Outstanding: $895,514.