Notes to SEFA
Title: NOTE 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. DIMA VIII, Inc., FHA Project No. 032-HD019 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 VIII, Inc., FHA Project No. 032-HD019, under programs of the federal government for the year ended March 31, 2022. The information in this Schedule is presented in accordance with 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 VIII, Inc., FHA Project No. 032-HD019, the Schedule is not intended to and does not present the financial position, changes in net assets, or cash flows of DIMA VIII, Inc., FHA Project No. 032-HD019.
Title: NOTE C - U.S. DEPT. OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM
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. DIMA VIII, Inc., FHA Project No. 032-HD019 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 VIII, Inc., FHA Project No. 032-HD019 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 VIII, Inc., FHA Project No. 032-HD019 received no additional advances/loans during the year. At March 31, 2021, the balance outstanding was $1,169,200.