Notes to SEFA
Title: Basis of Presentation
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.
De Minimis Rate Used: N
Rate Explanation: The Corporation has not elected to use the ten percent de minimis cost rate
The accompanying Schedule of Expenditures of Federal Awards includes the Federal grant activity of the
Oldtimers Housing Development Corporation of Chino, HUD Project No. 122-EH122-WAH-L8 (the Corporation),
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). Therefore, some
amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the
basic financial statements. The Corporation has not elected to use the ten percent de minimis cost rate as
covered in Section 200.414 Indirect (F&A) costs of the Uniform Administrative Requirements, Cost Principles,
and Audit Requirements for Federal Awards (Uniform Guidance).