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 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: The Organization has elected not 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 Hudson River Housing, Inc. and Subsidiaries under programs of the federal government for the year
ended December 31, 2024. Federal awards received directly from the federal agencies as well as federal awards
passed through other government agencies are included in the Schedule. 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 the Organization, it is not
intended to and does not present the financial position, changes in financial position, or cash flows of the
Organization.
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 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: The Organization has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform
Guidance.
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.
Title: NOTE 3 - Indirect Cost Rates
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: N
Rate Explanation: The Organization has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform
Guidance.
The Organization has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform
Guidance.
Title: NOTE 4 - Reconciliation to the Financial Statements
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: N
Rate Explanation: The Organization has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform
Guidance.
The federal expenditures presented in the Schedule reconcile to the Grant Support Revenue reported in the
Consolidated Statement of Activities as follows:
Federal Expenditures as reported in the SEFA $ 2,973,488
Reconciling Items:
Grants and Other Support from Other Non-Federal Sources 11,575,556
Total Grants Reported in the Consolidated Statement of Activities $ 14,549,044