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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Organization does not utilize an indirect cost rate as it would not be applicable to the insured loan and rental subsidy programs.
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal grant activity of Pulaski Heights, Inc. 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 the 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, it is not intended to and does not present the financial position, changes in net assets or cash flows of Pulaski Heights, Inc.
Title: HUD insured loans
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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Organization does not utilize an indirect cost rate as it would not be applicable to the insured loan and rental subsidy programs.
The Section 236 Risk Sharing Loan is presented at 75% of the $1,759,659 outstanding loan balance and the Flexible Subsidy loan at the full outstanding loan balance as of the date of the beginning of the fiscal year in accordance with the requirements of Uniform Guidance. The balance of the mortgage that relates to the Section 236 HFA Risk Sharing Loan was $1,293,278 at September 30, 2023. The balance of the flexible subsidy loan was $279,424 at September 30, 2023.