Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Lincoln Hills Development Corporation ("LHDC") and the Housing for the Elderly Projects ("Projects") under programs of the federal government for the year ended December 31, 2022. 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 ("Uniform Guidance"). Because the schedule presents only a selected portion of the operations of LHDC and the Projects, it is not intended to and does not present the financial position, changes in net assets or cash flows of LHDC and the Projects.
De Minimis Rate Used: N
Rate Explanation: The amount expended includes certain costs claimed as an indirect cost recovery using Lincoln Hills Development Corporation (a nonprofit organization) and Related Entities' (collectively, "the Entities") cost allocation plan. The Entities have not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.