Notes to SEFA
Title: FEDERAL LOANS OUTSTANDING
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes all federal grant activityof St. Anne Residence, Project No. 072-EE148IIL06-S021-012 (Project) and is presented on theaccrual basis of accounting. The information in this schedule is presented in accordance with therequirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, someamounts presented in this schedule may differ from amounts presented in, or used in thepreparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The development and construction of the Project was substantially funded under a noninterest bearing Mortgage Agreement with HUD. The Project received $3,099,800 from HUD for the Project construction costs under this Agreement. The Project is not required to make payments on the mortgage through August 1, 2045, provided it maintains housing in accordance with the Agreement. As of August 1, 2045, if all requirements have been met, the mortgage will be considered discharged. The Agreement is collateralized by a mortgage on the Project's property and equipment.
Title: ADDITIONAL INFORMATION
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes all federal grant activityof St. Anne Residence, Project No. 072-EE148IIL06-S021-012 (Project) and is presented on theaccrual basis of accounting. The information in this schedule is presented in accordance with therequirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, someamounts presented in this schedule may differ from amounts presented in, or used in thepreparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Project did not receive any federal awards in the form of noncash assistance or insurance in effect during the year ended June 30, 2022. In addition, the Project did not pass through any federal awards to subrecipients.