Title: Basis Of Presentation
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (Schedule) presents the activity of all federal financial assistance programs of MHDC Clintonville, Inc. (the Corporation). 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). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected not to use the 10% de minimus indirect cost rate as allowed in the Uniform Guidance, Section 414.
The accompanying Schedule of Expenditures of Federal Awards (Schedule) presents the activity of all federal financial assistance programs of MHDC Clintonville, Inc. (the Corporation). 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). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in preparation of, the basic financial statements.
Title: Basis Of Accounting
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (Schedule) presents the activity of all federal financial assistance programs of MHDC Clintonville, Inc. (the Corporation). 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). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected not to use the 10% de minimus indirect cost rate as allowed in the Uniform Guidance, Section 414.
The accompanying Schedule is presented using the accrual basis of accounting.
Title: Mortgage Note Payable
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (Schedule) presents the activity of all federal financial assistance programs of MHDC Clintonville, Inc. (the Corporation). 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). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected not to use the 10% de minimus indirect cost rate as allowed in the Uniform Guidance, Section 414.
The Corporation has a 2.69% mortgage note payable insured by the U.S. Department of Housing and Urban Development (HUD) in the amount of $4,363,650 and $4,480,676, respectively, at December 31, 2024 and 2023. The Note is payable in monthly installments of $19,676 (including principal and interest) through August 1, 2050. The Note is secured by substantially all real property of the Corporation. Loans outstanding at the beginning of the year plus loans made during the year are included in the federal expenditures presented in the accompanying schedule.
Title: Indirect Costs
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (Schedule) presents the activity of all federal financial assistance programs of MHDC Clintonville, Inc. (the Corporation). 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). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected not to use the 10% de minimus indirect cost rate as allowed in the Uniform Guidance, Section 414.
The Corporation has elected not to use the 10% de minimus indirect cost rate as allowed in the Uniform Guidance, Section 414.