Title: Major Program
Accounting Policies: The accompanying schedule of expenditures of federal awards (SEFA) includes the federal grant activity of Midland Area Homes, Inc. under programs of the federal government for the fiscal year ended September 30, 2022. Expenditures reported on the SEFA are reported on the same basis of accounting as the financial statements, although the basis for determining when federal awards are expended is presented in accordance with the requirements of Uniform Guidance. In addition, expenditures reported on the SEFA are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Therefore, some amounts presented in the SEFA may differ from amounts presented in, or used in the preparation of, the financial statements. Because the SEFA presents only a selected portion of the operations of Midland Area Homes, Inc., it is not intended to, and does not, present the financial position, changes in net position, or cash flows, if applicable, of Midland Area Homes, Inc.All federal financial assistance received directly from federal agencies as well as federal financial assistance passed through other government agencies is included on the SEFA. Midland Area Homes, Inc. does not have any subrecipients.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The major program was CFDA Number 21.023, Emergency Rental Assistance Program.
Title: Reconciliation of SEFA to Financial Statements
Accounting Policies: The accompanying schedule of expenditures of federal awards (SEFA) includes the federal grant activity of Midland Area Homes, Inc. under programs of the federal government for the fiscal year ended September 30, 2022. Expenditures reported on the SEFA are reported on the same basis of accounting as the financial statements, although the basis for determining when federal awards are expended is presented in accordance with the requirements of Uniform Guidance. In addition, expenditures reported on the SEFA are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Therefore, some amounts presented in the SEFA may differ from amounts presented in, or used in the preparation of, the financial statements. Because the SEFA presents only a selected portion of the operations of Midland Area Homes, Inc., it is not intended to, and does not, present the financial position, changes in net position, or cash flows, if applicable, of Midland Area Homes, Inc.All federal financial assistance received directly from federal agencies as well as federal financial assistance passed through other government agencies is included on the SEFA. Midland Area Homes, Inc. does not have any subrecipients.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The following schedule reconciles grant revenue reported in the September 30, 2021 financial statements to the federal award expenditures reported in the Schedule of Expenditures of Federal Awards. Financial Statements: Government grants $ 3,283,748 Non-federal grants included in total for government grants(571,649)Total Expenditures of Federal Awards $ 2,712,099.