Notes to SEFA
Title: U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of
Newburgh Seniors’ Housing Corporation, HUD Project No. 024-11056, and is presented on the accrual
basis of accounting. 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 operations of Newburgh Seniors' Housing Corporation, it is not intended to and does
not present the financial position, changes in net assets, or cash flows from Newburgh Seniors' Housing
Corporation.
De Minimis Rate Used: N
Rate Explanation: 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. Newburgh Seniors’ Housing
Corporation has elected not to use the 10 percent de minimis indirect cost rate as allowed under the
Uniform Guidance.
Newburgh Seniors’ Housing Corporation has received a U.S. Department of Housing and Urban
Development direct loan under Section 223(f) of the National Housing Act. The loan balance outstanding
at the beginning of the year is included in the federal expenditures presented in the Schedule. Newburgh
Seniors’ Housing Corporation received no additional loans during the year. The balance of the loan
outstanding at June 30, 2023 was $1,306,891.