Notes to SEFA
Accounting Policies: The accompanying schedule of federal and state awards (the Schedule) includes the federal and state grant activity of North Carolina Housing Coalition, Inc. for the year ended December 31, 2022. The information in the 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). Because the Schedule presents only a selected portion of the operations of the Coalition, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Coalition. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The Coalition used the 10% de minimis indirect cost rate for its direct award from HUD, as allowed under the Uniform Guidance and as provided by the grant. Subgrantees of the aforementioned HUD grant generally used the 10% de minimis indirect cost rate; however, in certain instances, subgrantees used a negotiated indirect cost rate. The Coalition otherwise elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.