Notes to SEFA
Accounting Policies: The above schedule of expenditures of federal awards includes the federal grant activity of Stewart Park Housing Development Fund Co., Inc., and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, the amount presented in this schedule may differ from amount presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.