Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal award activity of Sawtooth Housing Corporation 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 Sawtooth Housing Corporation, it is not intended to and does not present the financial positions, changes in net assets (deficit), or cash flows of Sawtooth Housing Corporation.
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 type of expenditures are not allowable or are limited as to reimbursement. Sawtooth Housing Corporation has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance
Sawtooth Housing Corporation has received a U. S. Department of Housing and Urban Development capital advance loan under Section 202 of the National Housing Act. The capital advance loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Sawtooth Housing Corporation received no additional loans during the year. The balance of the capital advance loan outstanding at December 31, 2023 was $1,568,200