Notes to SEFA
Title: A. BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported 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.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (“Schedule”) includes the federal award activity of Greeley Senior Housing Organization, HUD Project No. 101-EE012, under programs of the federal government as of and for the year ended September 30, 2023. 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 the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
Title: D. U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT CAPITAL ADVANCE
Accounting Policies: Expenditures reported on the Schedule are reported 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.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Greeley Senior Housing Organization has received a capital advance under Section 202 of the National Housing Act. The grant has no provision for interest and repayment is not required so long as the housing remains available for very low-income elderly persons or very low-income persons with disabilities. The agreement shall remain in effect for not less than 40 years (maturing August 1, 2035), unless otherwise approved by HUD. The advance balance of $2,350,700 as of October 1, 2022 is included in the federal expenditures presented in the schedule of expenditures of federal awards. The Organization received no additional loans during the year. The advance balance as of September 30, 2023 is $2,350,700.