Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in Uniform Guidance, whereincertain types of expenditures are not allowable or are limited as to reimbursement. AvalonNonprofit Housing Corporation and Subsidiaries has elected not to use the 10% de minimisindirect cost rate.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
COMMUNITY DEVELOPMENT BLOCK GRANTS/ENTITLEMENT GRANTS (14.218) - Balances outstanding at the end of the audit period were 698783. COMMUNITY DEVELOPMENT BLOCK GRANTS/ENTITLEMENT GRANTS (14.218) - Balances outstanding at the end of the audit period were 1456120. COMMUNITY DEVELOPMENT BLOCK GRANTS/ENTITLEMENT GRANTS (14.218) - Balances outstanding at the end of the audit period were 715263. HOME INVESTMENT PARTNERSHIPS PROGRAM (14.239) - Balances outstanding at the end of the audit period were 5130331. HOME INVESTMENT PARTNERSHIPS PROGRAM (14.239) - Balances outstanding at the end of the audit period were 4783832. HOME INVESTMENT PARTNERSHIPS PROGRAM (14.239) - Balances outstanding at the end of the audit period were 6027724.
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in Uniform Guidance, whereincertain types of expenditures are not allowable or are limited as to reimbursement. AvalonNonprofit Housing Corporation and Subsidiaries has elected not to use the 10% de minimisindirect cost rate.
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 (the "Schedule") includes thefederal award activity of Avalon Nonprofit Housing Corporation and Subsidiaries under programsof the federal government for the year ended December 31, 2022. The information in this Scheduleis presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for FederalAwards (Uniform Guidance). Because the Schedule presents only a selected portion of theoperations of Avalon Nonprofit Housing Corporation and Subsidiaries, it is not intended to anddoes not present the financial position, changes in net assets, or cash flows, if applicable, of AvalonNonprofit Housing Corporation and Subsidiaries.