Notes to SEFA
Title: Mortgage Balance:
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. The Organization has elected to not use the 10% de minimums indirect cost rate allowed
under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected to not use the 10% de minimums indirect cost rate allowed
under the Uniform Guidance.
The Organization received no additional loans during the fiscal year and the
mortgage balance at March 31, 2025 was $2,328,500.
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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to
reimbursement. The Organization has elected to not use the 10% de minimums indirect cost rate allowed
under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected to not use the 10% de minimums indirect cost rate allowed
under the Uniform Guidance.
The accompanying schedule of federal awards ("schedule") includes the federal
award and loan activity of the Organization under programs of the federal government for the year ended
March 31, 2025. 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"). Therefore, some
amounts presented in this schedule may differ from amounts presented in, or used in the preparation of,
the basic financial statements.