Notes to SEFA
Title: NOTE D -- LOANS
Accounting Policies: NOTE B -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting described in Note A to the basic financial statements. 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: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Federal expenditures for the Home Investment Partnership Program and the National Housing Trust Fund include $1,921,879, in loans outstanding at December 31, 2022 for which the grantors impose continuing compliance requirements.
Title: NOTE A -- BASIS OF PRESENTATION
Accounting Policies: NOTE B -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting described in Note A to the basic financial statements. 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: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Genesis Homes, Inc., under programs of the federal government for the year ended December 31, 2022. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) 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 Genesis Homes, Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of Genesis Homes, Inc.