Notes to SEFA
Title: Loan/loan guarantee outstanding balances
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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Any negative amounts shown on the schedule represent adjustments or credits made in the normal course of operations to amounts reported as expenditures in prior years. Passthrough entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. Geneva Plaza, Inc. has elected not to use the 10percent de minimis indirect cost rate allowed under the Uniform Guidance.
MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS (14.155) - Balances outstanding at the end of the audit period were 7091567. The expenditures reported on the schedule of expenditures of federal awards for certain programs included the following loan balance outstanding at June 30, 2022: CFDA No. 14.155, Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects, outstanding loan balance of $7,091,567, and with continuing compliance requirements balance of $7,201,617
Title: Basis of Presentation
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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Any negative amounts shown on the schedule represent adjustments or credits made in the normal course of operations to amounts reported as expenditures in prior years. Passthrough entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. Geneva Plaza, Inc. has elected not to use the 10percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Geneva Plaza, Inc. Geneva Plaza HUD Project No. 12211430 under programs of the federal government for the year ended June 30, 2022. The information in this schedule is presented in accordance with the audit 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 operations of Geneva Plaza, Inc. Geneva Plaza HUD Project No. 12211430, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Geneva Plaza, Inc. Geneva Plaza HUD Project No. 12211430.