Notes to SEFA
Title: NOTE A - BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on this Schedule are reflected on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. DIMA IX, Inc., FHA Project No. 032-HD022 has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of DIMA IX, Inc., FHA Project No. 032-HD022, under programs of the federal government for the year ended February 28, 2022. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of DIMA IX, Inc., FHA Project No. 032-HD022, the Schedule is not intended to and does not present the financial position, changes in net assets, or cash flows of DIMA IX, Inc., FHA Project No. 032-HD022.
Title: NOTE C - U.S. DEPT. OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM
Accounting Policies: Expenditures reported on this Schedule are reflected on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. DIMA IX, Inc., FHA Project No. 032-HD022 has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
DIMA IX, Inc., FHA Project No. 032-HD022 has received a U.S. Department of Housing and Urban Development Capital Advance under Section 811 of the National Housing Act. The capital advance balance outstanding at the end of the fiscal year is included in the federal expenditures presented in the Schedule above. DIMA IX, Inc., FHA Project No. 032-HD022 received no additional advances/loans during the fiscal year. At February 28, 2021, the balance outstanding of the capital advance is $864,700.