Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Whatcom-Skagit Housing 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Expenditures reports 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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Organization does not charge indirect costs.
The Organization did not elect to use the 10 percent de minimis cost rate as allowed under the Uniform Guidance.
The amount of federal expenditures reported on the Schedule of Expenditures of Federal Awards (SEFA) represents the total loan amount outstanding under the Self-Help Homeownership Opportunity Program for which the Organization is subject to ongoing compliance requirements. Federal expenditures are recognized for SEFA reporting purposes based on the total loan amount due, regardless of the timing of cash disbursements, to reflect the Organization’s continuing responsibility to comply with program requirements.