Notes to SEFA
Title: HUD Loan Program
Accounting Policies: The accompanying schedule of expenditures of federal awards (SEFA) includes the federal awards activity of the
Ecumenical Retirement Center, Inc. (the Organization), HUD Project No. 082-35487, and is presented on the
accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of
Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administration Requirements, Cost Principles, and
Audit Requirements for Federal Awards (Uniform Guidance). Because the SEFA presents only a selected portion
of the operations of the Organization, it is not intended to and does not present the financial position, changes in
net assets, or cash flows of the Organization.
De Minimis Rate Used: N
Rate Explanation: The 10% de minimis indirect cost rate is not applicable.
The Organization has received a loan that is guaranteed by HUD under Section 221(d)(4) of the National Housing
Act, as amended. The amount advanced on the loan is included in the schedule of expenditure of federal awards.