Notes to SEFA
Title: NOTE C - FEDERALLY FUNDED LOANS
Accounting Policies: NOTE A - BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Greater Bridgeport Jewish Housing Corp. HUD Project No. 017-11150 (Agency) under programs of the federal government for the year ended August 31, 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 Agency, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Agency.
NOTE B - SUMMARY OF AGENCY SIGNIFICANT 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: NOTE D - INDIRECT COST RATE The ten-percent de minimis indirect cost rate is not applicable to the HUD funded loan and housing
assistance program.
Federally funded loans reported on the Schedule include the amount of new loans funded during the year ended August 31, 2023, the beginning balances of loans from the previous year that have
continuing compliance imposed by HUD and subsidized interest that has been accrued in accordance with the promissory notes, as applicable.
The ending principal balance of federally funded loans as of August 31, 2023 is as follows:
Assistance Listing Number 14.157
Program Name Supportive Housing for the Elderly (Section 202)
Outstanding Balance $3,640,564