Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (SEFA) includes the federal award activity of Scottish Rite Tower Development Corporation under HUD Project No. 034-EE015 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 SEFA presents only a selected portion of the operations of Scottish Rite Tower Development Corporation and is not intended to and does not present the financial position, changes in net assets, or cash flows of Scottish Rite Tower Development Corporation.
Expenditures reported on the SEFA are reported on the accrual basis of accounting and are recognized in accordance with the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Corporation did not elect to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance and did not use an indirect cost rate during the year. The Corporation did not pass federal funds through to subrecipients during the year.
Scottish Rite Tower Development Corporation received a direct loan from the U.S. Department of Housing and Urban Development under Section 202 of the National Housing Act (Assistance Listing Number 14.157). In accordance with 2 CFR 200.502, loans outstanding at the beginning of the fiscal year are included in federal expenditures presented in the SEFA. The loan balance (capital advance) outstanding at the beginning of the year totaled $9,567,500. No additional loans were received during the year. The outstanding loan balance as of March 31, 2024 was $9,567,500.