Notes to SEFA
Accounting Policies: NOTE A - BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards includes the federal award activity of Interfaith Housing Inc. dba Hillcrest Gardens, Section 8 Project No. CA39L000010, 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 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 Interfaith Housing Inc. dba Hillcrest Gardens, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Interfaith Housing Inc. dba Hillcrest Gardens.
NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, where certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Interfaith Housing Inc. dba Hillcrest Gardens has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.