Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Basis of Presentation10/23/2023: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Caritas Plaza (the Organization) under programs of federal government for the year ended June 30, 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 operation of the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization. Summary of 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 OMB Circular A-122 and Uniform Guidance. The Organization elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance; however, the agreements with HUD do not include indirect cost reimbursement, so there were no indirect costs charged to the federal award programs for the year ended June 30, 2023. Section 223(f) Mortgage Insurance for the Refinancing of Existing Multi-Family Housing Projects: The Schedule includes the balance of the Section 223(f) refinanced loan as of the beginning of the fiscal year. As of June 30, 2023, the balance outstanding on the Section 223(f) refinanced loan was as follows: Program or Cluster Title Mortgage insurance for the purchase or refinancing of existing multi-family housing projects, Assistance Listing Number 14.155, Amount Outstanding $1,940,173. Subrecipients There were no federal awards passed through to subrecipients.
De Minimis Rate Used: Y
Rate Explanation: The Auditee used the de minimis cost rate.
Mortgage insurance for the purchase or refinancing of existing multi-family housing projects (14.155) - Balances outstanding at the end of the audit period were $1,940,173