Notes to SEFA
Title: Scope of Audit Pursuant to Uniform Guidance
Accounting Policies: The Organization’s Schedule of Expenditures of Federal Awards has been prepared using the same basis
of accounting as the December 31, 2024 financial statements of the Organization.
De Minimis Rate Used: N
Rate Explanation: The
Organization has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform
Guidance.
The Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of all federal award
programs of the Organization. All federal awards received directly from federal agencies as well as federal
awards passed through other governmental agencies or other entities are included in the Schedule. The
Organization has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform
Guidance.
Title: Basis of Presentation
Accounting Policies: The Organization’s Schedule of Expenditures of Federal Awards has been prepared using the same basis
of accounting as the December 31, 2024 financial statements of the Organization.
De Minimis Rate Used: N
Rate Explanation: The
Organization has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform
Guidance.
The Organization’s Schedule of Expenditures of Federal Awards has been prepared using the same basis
of accounting as the December 31, 2024 financial statements of the Organization. The Organization
reports to HUD and RD using the accrual basis of accounting. A complete description of the basis of
accounting is included in Note 1 to these financial statements.
Title: Contingencies
Accounting Policies: The Organization’s Schedule of Expenditures of Federal Awards has been prepared using the same basis
of accounting as the December 31, 2024 financial statements of the Organization.
De Minimis Rate Used: N
Rate Explanation: The
Organization has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform
Guidance.
In connection with various federal grant programs, the Organization is obligated to administer related
programs and spend the funds in accordance with regulatory restrictions, and is subject to audit by grantor
agencies and other auditors. In cases of noncompliance, the agencies involved may require the
Organization to refund program funds.
Title: Grants
Accounting Policies: The Organization’s Schedule of Expenditures of Federal Awards has been prepared using the same basis
of accounting as the December 31, 2024 financial statements of the Organization.
De Minimis Rate Used: N
Rate Explanation: The
Organization has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform
Guidance.
Certain grants. while fully expended, contain continuing compliance requirements and are thus included
in the Schedule.