Notes to SEFA
Title: Note 1 - Basis of Presentation
Accounting Policies: Note 2 - Significant Accounting Policies: Expenditures reported in the schedule are reported on the accrual basis of accounting. When applicable, 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. No federal financial assistance has been provided to a subrecipient. AHDI"s summary of significant accounting policies is presented in Note 1 in the AHDI"s basic finaical statements.
De Minimis Rate Used: N
Rate Explanation: AHDI does not draw for indirect administrative expenses and has not lelected to use the 15% de minimus cost rate.
The accompanying consolidated schedule of expenditures of federal awards (the schedule) includes the federal grant activity of Affordable Housing Developers, Inc. under programs of the federal government of the year ended December 31, 2024. This information 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 Affordable Housing evelopers, Inc., it is not intended to and does not present the financial position, changes in net position or cash flows of affordable Housing Developers, Inc.
Title: Note 2 - Significant Accounting Policies
Accounting Policies: Note 2 - Significant Accounting Policies: Expenditures reported in the schedule are reported on the accrual basis of accounting. When applicable, 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. No federal financial assistance has been provided to a subrecipient. AHDI"s summary of significant accounting policies is presented in Note 1 in the AHDI"s basic finaical statements.
De Minimis Rate Used: N
Rate Explanation: AHDI does not draw for indirect administrative expenses and has not lelected to use the 15% de minimus cost rate.
Expenditures reported in the schedule are reported on the accrual basis of accounting. When applicable, 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. No federal financial assistance has been provided to a subrecipient. AHDI"s summary of significant accounting policies is presented in Note 1 in the AHDI"s basic finaical statements.
Title: Note 3 - indirect Cost Rate
Accounting Policies: Note 2 - Significant Accounting Policies: Expenditures reported in the schedule are reported on the accrual basis of accounting. When applicable, 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. No federal financial assistance has been provided to a subrecipient. AHDI"s summary of significant accounting policies is presented in Note 1 in the AHDI"s basic finaical statements.
De Minimis Rate Used: N
Rate Explanation: AHDI does not draw for indirect administrative expenses and has not lelected to use the 15% de minimus cost rate.
AHDI does not draw for indirect administrative expenses and has not elected to use the 15% de minimus cost rate
Title: Note 4 - Loan Programs
Accounting Policies: Note 2 - Significant Accounting Policies: Expenditures reported in the schedule are reported on the accrual basis of accounting. When applicable, 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. No federal financial assistance has been provided to a subrecipient. AHDI"s summary of significant accounting policies is presented in Note 1 in the AHDI"s basic finaical statements.
De Minimis Rate Used: N
Rate Explanation: AHDI does not draw for indirect administrative expenses and has not lelected to use the 15% de minimus cost rate.
Expenditures reported in this schedule consist of the beginning of the year outstanding loan balances plus advances made on the loans during the year. The outstanding loan balances at December 31, 2024 were $1,326,140.