Notes to SEFA
Title: Note 4 - U.S. Department of Housing and Urban Development Loan Program
Accounting Policies: Note 2 - Summary of Significant Accounting PoliciesExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expendituresare recognized following the cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Corporation has received a U.S. Department of Housing and Urban Development direct loan underSection 236 of the National Housing Act (see Note 8 to the financial statements). The loan balanceoutstanding at the beginning of the year is included in the federal expenditures presented in the Schedule.The Corporation received no additional loans during the year. The balance of the loan outstanding atDecember 31, 2022 consists of:CFDA#OutstandingBalance atDecember 31,202214.103 $ 7 14,918
Title: Note 1 - Basis of Presentation
Accounting Policies: Note 2 - Summary of Significant Accounting PoliciesExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expendituresare recognized following the cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards includes the federal grant activity ofAllegheny Union Plaza, HUD Project No. 033-44026, 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 ofFederal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirementsfor Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of theoperations of the Corporation, it is not intended to and does not present the financial position, changes in netassets, or cash flows of the Corporation.
Title: Note 5 - Subrecipients
Accounting Policies: Note 2 - Summary of Significant Accounting PoliciesExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expendituresare recognized following the cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Of the federal expenditures presented in the schedule, the Corporation did not provide federal awards to asubrecipient.