Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Basis of Presentation: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Renaissance Court, Inc. (the Organization) under programs of the federal government for the year ended June 30, 2022. 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 operation of the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization. Summary of Significant Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the OMB Circular A-122 and Uniform Guidance. The Organization elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance; however, the agreements with HUD do not include indirect cost reimbursement, so there were no indirect costs charged to the federal award programs for the year ended June 30, 2022. Capital Advance and Home Funds: As of June 30, 2022, the Organization had the following Section 811 capital advance and HOME investment Partnerships Program funds which are presented within the net assets with donor restrictions. The capital advance and HOME funds are also included in the federal expenditures presented. Assistance Amount Program or Cluster Title Listing Number Outstanding Supportive Housing for Persons with Disabilities: Section 811 Capital Advance 14.181 $ 2,559,300 HOME Investment Partnerships Program 14.239 $ 420,000 Subrecipients: There were no federal awards passed through to subrecipients.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
SUPPORTIVE HOUSING FOR PERSONS WITH DISABILITIES (14.181) - Balances outstanding at the end of the audit period were 2559300. HOME INVESTMENT PARTNERSHIPS PROGRAM (14.239) - Balances outstanding at the end of the audit period were 420000.