Notes to SEFA
Title: Note 3 - HUD 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 as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Northside Church of Christ Housing Development Fund Company, Inc. has only one program and has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. All costs are directly allocated.
The Company was awarded a capital advance from HUD for the construction of the rental property. It is administered directly by Northside Church of Christ Housing Development Fund Company, Inc., and the balance and transactions relating to this program are included in Northside Church of Christ Housing Development Fund Company, Inc.'s basic financial statements. The loan amount outstanding at the beginning of the year is included in the federal expenditures presented in the schedule. The balance of the loan outstanding at the end of the year was not different, as no re-payments are required.
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 as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Northside Church of Christ Housing Development Fund Company, Inc. has only one program and has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. All costs are directly allocated.
The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal award activity of Northside Church of Christ Housing Development Fund Company, Inc. under programs of the federal government for the year ended June 30, 2022. The information in this 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 Northside Church of Christ Housing Development Fund Company, Inc., it is not intended to and does not present the financial position, change in net assets, or cash flows of Northside Church of Christ Housing Development Fund Company, Inc.