Notes to SEFA
The accompanying schedule of expenditures of federal awards (“the Schedule”) includes the federal award activity of Housing Development Corporation of Northeastern Pennsylvania under programs of the federal government for the year ended December 31, 2024. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulation 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 Housing Development Corporation of Northeastern Pennsylvania, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Housing Development Corporation of Northeastern Pennsylvania.
Expenditures reported on the Schedule are reported on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. 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.
Housing Development Corporation of Northeastern Pennsylvania has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.