Notes to SEFA
Title: Note 3 - Mortage
Accounting Policies: The schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of 353-
365 Housing Development Fund Company, Inc., HUD Project No. 012-11297, and is presented on the
accrual basis of accounting, following the cost principles contained in the Uniform Guidance, wherein
certain types of expenditures are not allowable or are limited as to reimbursement. 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 353-
365 Housing Development Fund Company, Inc., it is not intended to and does present the financial position,
changes in net assets, or cash flows of 353-365 Housing Development Fund Company, Inc.
De Minimis Rate Used: N
Rate Explanation: 353-365 Housing Development Fund Company, Inc., has elected not to use the 10 percent de minimis
indirect cost rate as allowed under Uniform Guidance.
353-365 Housing Development Fund Company, Inc., has a loan guaranteed by HUD and the outstanding balance of the loan at June 30, 2020 is $3,551,314.