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 OMB Circular A-122 and the
Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Organization did not elect to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Cherry Park Non-Profit Housing (the Organization) under programs of federal
government for the year ended December 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 operation of the Organization,
it is not intended to and does not present the financial position, changes in net assets (deficit), or cash
flows of the Organization.
Title: SECTION 811 CAPITAL ADVANCE AND HOME LOANS
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 OMB Circular A-122 and the
Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Organization did not elect to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
At December 31, 2024, Cherry Park Non-Profit Housing had the following Section 811 capital advance
and HOME Investment Partnerships Program loans which are presented within net assets with donor
restrictions. The capital advance and HOME loans are also included in the federal expenditures
presented. Program or Cluster Title: Supportive Housing for Persons with Disabilities (Section 811) / HOME Investment Partnerships Program Loans; Federal Assistance Listing Number: 14.181/14.239; Amounts Oustanding: $1,785,400/$500,000.