Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards (the “Schedule”) are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards (“Uniform Guidance”), wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Everlasting Pine Housing Development Fund Company, Inc. (the “Project”) has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The Project is reimbursed for programmatic and administrative costs in accordance with the rule set forth by the U.S. Department of Housing and Urban Development.
The Schedule includes the federal award activity of the Project under programs of the Federal Government for the year ended March 31, 2023. The information in this Schedule is presented in accordance with the requirements of the Uniform Guidance. Because the Schedule presents only a selected portion of the operations of the Project, it is not intended to and does not present the financial position, changes in net assets (deficit) or cash flows of the Project.
Title: Capital Advance
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards (the “Schedule”) are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards (“Uniform Guidance”), wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Everlasting Pine Housing Development Fund Company, Inc. (the “Project”) has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The Project is reimbursed for programmatic and administrative costs in accordance with the rule set forth by the U.S. Department of Housing and Urban Development.
The Project has received a capital advance that has a balance outstanding at March 31, 2023. The advance balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. The Project received no additional loans or capital advances during the year. The balance of the capital advance outstanding at March 31, 2023 is $4,445,785.