Notes to SEFA
1) 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 Cost Principles for Non-Profit Organization, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Boylston Housing, Inc. reimbursement is not based on cost principles but is based on tenant eligibility and personal income levels. 2) Boylston Housing, Inc. has elected to use the fifteen percent de minimis indirect cost rate allowed under the Uniform Guidance. Boylston Housing, Inc. does not have to allocate income amongst programs as the only program is operating the housing facility. 3) Boylston Housing, Inc. has received a direct loan from the U.S. Department of Agriculture-Rural Development. The loan balances outstanding at the beginning of the year are included in the federal expenditures presented on the Schedule. Boylston Housing, Inc. received no additional loans during the year. The balances of the note payable outstanding at December 31, 2025 totaled $1,013,351.