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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. No federal expenditures presented in this Schedule were provided to subrecipients.
De Minimis Rate Used: N
Rate Explanation: Northeastern Conference House Housing Development Fund Company, Inc. has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Northeastern Conference House Housing Development Fund Company, Inc. under programs of the federal government for the year ended September 30, 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 operations of Northeastern Conference House Housing Development Fund Company, Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of Northeastern Conference House Housing Development Fund Company, Inc.
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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. No federal expenditures presented in this Schedule were provided to subrecipients.
De Minimis Rate Used: N
Rate Explanation: Northeastern Conference House Housing Development Fund Company, Inc. has elected not to use the 10 percent de minimis indirect cost rate 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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. No federal expenditures presented in this Schedule were provided to subrecipients.
Title: Note 3 Indirect cost rate
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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. No federal expenditures presented in this Schedule were provided to subrecipients.
De Minimis Rate Used: N
Rate Explanation: Northeastern Conference House Housing Development Fund Company, Inc. has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance
Northeastern Conference House Housing Development Fund Company, Inc. has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Note 4 Loan outstanding
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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. No federal expenditures presented in this Schedule were provided to subrecipients.
De Minimis Rate Used: N
Rate Explanation: Northeastern Conference House Housing Development Fund Company, Inc. has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance
Northeastern Conference House Housing Development Fund Company, Inc. obtained a U.S. Department of Housing and Urban Development insured mortgage under Section 207/223(f) of the National Housing Act on August 20, 2014. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Northeastern Conference House Housing Development Fund Company, Inc. received no additional loans during the year. The balance of the loan outstanding at September 30, 2024 consists of: CFDA number Program name Outstanding balance at 09/30/24 14.155 Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects $ 8,718,579