Notes to SEFA
Title: Note 3 - Mortage
Accounting Policies: The schedule of expenditures and federal awards (the “Schedule”) includes the federal award activity
of Longfellow Avenue Housing Development Fund Company, Inc., HUD Project No. 012-11385
under programs of the federal government for the year ended September 30, 2020. The information
in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal
Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit
Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a
selected portion of operations of Longfellow Avenue Housing Development Fund Company, Inc., it is
not intended to and does present the financial position, changes in net deficit, or cash flows of
Longfellow Avenue Housing Development Fund Company, Inc.
De Minimis Rate Used: N
Rate Explanation: Longfellow Avenue Housing Development Fund Company, Inc. has elected not to use the ten
percent de minimis indirect cost rate as allowed under Uniform Guidance.
Longfellow Avenue Housing Development Fund Company, Inc. has a loan guaranteed by HUD and
the outstanding balance of the loan at September 30, 2020 is $8,242,949. The loan balance
outstanding at the beginning of the year is included in the federal expenditures presented in the schedule. CFDA
Number Program Name
Outstanding Balance at
September 30, 2020
14.155 Section 223(f) Mortgage Insurance Program $ 8,242,949
Title: Note 4 - Federal Awards Received by a Subrecipient
Accounting Policies: The schedule of expenditures and federal awards (the “Schedule”) includes the federal award activity
of Longfellow Avenue Housing Development Fund Company, Inc., HUD Project No. 012-11385
under programs of the federal government for the year ended September 30, 2020. The information
in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal
Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit
Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a
selected portion of operations of Longfellow Avenue Housing Development Fund Company, Inc., it is
not intended to and does present the financial position, changes in net deficit, or cash flows of
Longfellow Avenue Housing Development Fund Company, Inc.
De Minimis Rate Used: N
Rate Explanation: Longfellow Avenue Housing Development Fund Company, Inc. has elected not to use the ten
percent de minimis indirect cost rate as allowed under Uniform Guidance.
There were no federal awards passed through to subrecipients for the year ended September 30, 2020.