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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal
award activity of Shalom Towers, Inc. TIA Shalom House under programs of the federal government for
the year ended June 30, 2023. 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 Shalom Towers, Inc. TIA Shalom House, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Shalom Towers, Inc. TIA Shalom House.
Title: Federally Insured Mortgages
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.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The mortgage balance at the beginning of the year is included in the federal expenditures presented in the Schedule. The balance of the outstanding federally insured mortgage at June 30, 2023 is $7,423,883.