Notes to SEFA
Accounting Policies: NOTE A - BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards includes the federal award activity ofFoundation for Affordable Rental Housing Holdings Inc. and Affiliates and is presented on the accrual basisof accounting. The information in this schedule is presented in accordance with the requirements of Title2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, andAudit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only aselected portion of the operations of Foundation for Affordable Rental Housing Holdings Inc. andAffiliates, it is not intended to and does not present the consolidated financial position, changes in net assets,or cash flows of Foundation for Affordable Rental Housing Holdings Inc. and AffiliatesNOTE B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expendituresare recognized following the cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement. Foundation for Affordable RentalHousing Holdings Inc. and Affiliates has elected not to use the 10-percent de minimis indirect cost rateallowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.