Notes to SEFA
Title: Note 1 - Basis of presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: 73rd & Dobson Housing Corporation, has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards ("Schedule") includes the federal award activity of 73rd & Dobson Housing Corporation, HUD Project No. 071-44087, under programs of the federal government for the year ended October 31, 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 73rd & Dobson Housing Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of 73rd & Dobson Housing Corporation For the year ended October 31, 2024, no awards were passed through to subrecipients.
Title: Note 2 - Summary of significant accounting policies
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: 73rd & Dobson Housing Corporation, has not elected 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, as applicable the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: Note 3 - Indirect cost rate
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: 73rd & Dobson Housing Corporation, has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
73rd & Dobson Housing Corporation, has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Note 4 - 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, as applicable the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: 73rd & Dobson Housing Corporation, has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
73rd & Dobson Housing Corporation, has received a Flexible Subsidy Note guaranteed by the Federal Housing Administration. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. 73rd & Dobson Housing Corporation received no additional loans during the year. The balance of the loan outstanding October 31, 2024, consists of: