Notes to SEFA
Title: Federal Award Assistance
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 as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Project has elected not to use the ten-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Project has a Capital Advance/Building Loan Agreement with HUD under Section 811 of the National Affordable Housing Act of $2,381,500. This amount was reflected previously as a grant in the Projects financial statements and is therefore included in net assets.