Notes to SEFA
Title: Section 223(f) Mortgage Insurance for the Purchase or Refinancing of Existi
Accounting Policies: The Schedule of Expenditures of Federal Awards includes the federal grant activity of Friendship House of Louisville, Inc., Project No. 083-EH001-L8-WAC, 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 ("CFR") Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The Project has decided not to utilize the 10 percent de minimis indirect cost rate as allowed under theUniform Guidance.
The Project has a mortgage loan with Gershman Investment Corporation, repayment of which is guaranteed by HUD. As determined by 2 CFR section 200.502(b) the federal expenditures amount represents the loan balance disbursed to the Project. The balance of the mortgage loan outstanding at the end of the audit period is $7,068,913.
Title: Grants Excluded from OMB Compliance Supplement
Accounting Policies: The Schedule of Expenditures of Federal Awards includes the federal grant activity of Friendship House of Louisville, Inc., Project No. 083-EH001-L8-WAC, 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 ("CFR") Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The Project has decided not to utilize the 10 percent de minimis indirect cost rate as allowed under theUniform Guidance.
The Assisted Living Conversion for Eligible Multifamily Housing Projects grant was excluded from the major program determination during the audit. The grant is excluded from coverage under the Uniform Guidance. Its inclusion in the Schedule of Expenditures of Federal Awards is for clarity purposes only.