Notes to SEFA
Title: 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: Y
Rate Explanation: Casa Bienvivir has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Casa Bienvivir (a Nonprofit Corporation), HUD Project No. 133-EE008 under programs of the federal government 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 Casa Bienvivir, it is not intended to and does not present the financial position, changes in nets assets, or cash flows of Casa Bienvivir.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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: Y
Rate Explanation: Casa Bienvivir has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Casa Bienvivir has elected to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance.
Title: CAPITAL ADVANCE PROGRAMS
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: Y
Rate Explanation: Casa Bienvivir has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
HUD makes "capital advances" to owners for the construction, acquisition, or rehabilitation of housing for persons age 62 or older (under Section 202 of the Housing Act of 1959 as amended) or disabled persons (under Section 811 of the National Affordable Housing Act). Capital advances bear no interest and need not be repaid so long as the housing remains available to elderly or disabled persons for at least 40 years. Only not-for-profit projects are eligible for assistance under capital advance programs. Capital advance projects are typically supplemented with rental assistance.