Notes to SEFA
Title: HUD CAPITAL ADVANCE
Accounting Policies: BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Benet Place under programs of the federal government for the year ended June 30, 2023. The information in this Schedule is presented in accordance with the requirements of 2 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 the operations of Benet Place, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Benet Place.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in OMB Circular A-122, Cost Principles for Non-Profit Organizations, or the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: Benet Place has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The balance of the HUD capital advance outstanding at the beginning of the year is included
in the federal expenditures presented in the Schedule. There were no additional HUD loans
during the year. The balance of the HUD insured mortgage outstanding at June 30, 2023, is
as follows: Program Title : U.S. Department of Housing and Urban Development: Section 202 Capital Advance
Federal Assistance Listing Number: 14.157
Amount Outstanding: $2,577,938