Notes to SEFA
Title: NOTE 1 - BASIS OF PRESENTATION
Accounting Policies: 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, wherein certain types of expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: SAVE Development, Inc. has not elected to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal activity of SAVE Development, Inc., HUD Project 084-HD014-WPD under programs of the federal government for the year ended June 30, 2023. The information in the schedule is presented in accordance with the requirements of Title 2 U.S. Code of the 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.
Title: NOTE 4 - CAPITAL ADVANCE
Accounting Policies: 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, wherein certain types of expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: SAVE Development, Inc. has not elected to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance.
The Section 811 Capital Advance balance was $1,688,200 at June 30, 2023.