Notes to SEFA
Title: NOTE A - 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.
De Minimis Rate Used: Y
Rate Explanation: St. Matthew Manor has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of St. Matthew Housing Development, Inc. TIA St. Matthew Manor (hereafter St. Matthew Manor), and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) 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 St. Matthew Manor, it is not intended to and does not present the financial position, changes in net assets, or cash flows of St. Matthew Manor.
Title: NOTE C - FEDERALLY FUNDED AND INSURED MORTGAGES
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.
De Minimis Rate Used: Y
Rate Explanation: St. Matthew Manor has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The mortgage balance at the beginning of the year is included in the federal expenditures presented in the Schedule. The balance of the outstanding federally insured mortgage at December 31, 2024 is $4,279,858.