Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards ("Schedule") includes the federalaward activity of Saint Mary's Housing Corporation and Subsidiary, HUD Project No.: VA3-9H027002, under programs of the federal government for the year ended December 31, 2022. Theinformation in this Schedule is presented in accordance with the requirements of Title 2 U.S. Codeof Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards ("Uniform Guidance"). Because the Schedule presents only aselected portion of the operations of Saint Mary's Housing Corporation and Subsidiary, it is notintended to and does not present the consolidated financial position, activities and changes in netassets, or cash flows of Saint Mary's Housing Corporation and Subsidiary. For the year endedDecember 31, 2022, no awards were passed through to subrecipients. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following, as applicable the cost principles contained in the UniformGuidance, wherein certain types of expenditures are not allowable or are limited as toreimbursement.
De Minimis Rate Used: N
Rate Explanation: Saint Mary's Housing Corporation and Subsidiary has elected not to use the 10-percent de minimisindirect cost rate allowed under the Uniform Guidance.