Notes to SEFA
Title: Affiliates
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the Federal assistance activity of Housing Families Inc. 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
HFI and Affiliates' consolidating financial statements include the operations of HFI Properties, Inc., Malden Medford Homes LLC and Cross Street Housing Limited Partnership (collectively, the Affiliates), which are not included in the accompanying Schedule of Expenditures of Federal Awards for the year ended June 30, 2022, since the Affiliates are not subject to Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Guidance.