Notes to SEFA
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 OMB Circular A-122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Saranac Housing Commission has not elected to use the 15% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Saranac Housing Commission 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 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 Saranac Housing Commission, it is not intended to and does not present the financial position, changes in net position, or cash flows of Saranac Housing Commission.
Title: Loan Program
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 OMB Circular A-122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Saranac Housing Commission has not elected to use the 15% de minimis indirect cost rate as allowed under the Uniform Guidance.
HUD holds a note and mortgage on the property for a 35-year term. In accordance with the provisions of the regulatory agreement, Saranac Non-Profit Housing Corporation is required to provide housing for low-income and elderly families. The loan matures November 1, 2041. The outstanding balance as of June 30, 2024, is $689,195.