Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal grant activities of Chesterfield Square Mutual Homes, Inc. under programs of the Federal government for the year ended July 31, 2025 and is presented on the accrued basis of accounting. 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. Because the Schedule presents only a selected portion of the operations of Chesterfield Square Mutual Homes, Inc. it is not intended to and does not present the financial position, changes in net assets, or cash flows of Chesterfield Square Mutual Homes, Inc.
Expenditures reported on the schedule of expenditures of federal awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in OMB Circular A 122, Cost Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Chesterfield Square Mutual Homes, Inc. has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. The amount reported for the loan program was the beginning of the year balance, the balance at the end of the year was $4,530,124.