Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Supreme Council Fitzwater Development Corporation (“SRH”), HUD Project No. 034-11196, 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”). The Schedule presents only a selected portion of the operations of SRH, it is not intended to and does not present the financial position, changes in net assets, or cash flows of SRH.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. SRH has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
SRH has received a U.S. Department of Housing and Urban Development direct loan under Section 202, which was refinanced and insured under the provisions of Section 201/223(f) of the National Housing Act. The Federal Housing Administration insured loan amount outstanding at the beginning of the year was $8,102,284. SRH received no additional loans during the year.