Notes to SEFA
Title: Note C U.S. Department of Housing and Urban Development Loan Program
Accounting Policies: Note A - Basis of Presentation1.The accompanying schedule of expenditures of federal awards includes the federal grant activity of American GI Forum Casa de Esperanza, Inc, HUD Project No. 115-EE037-WAH 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 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 the Project, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Project.2.In accordance with HUD guidelines, under the subsidy program, federal awards expended for the fiscal year equal subsidies received from HUD. Note B - Summary of Significant Accounting PoliciesExpenditures 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 allowed or are limited as to reimbursement. The Project has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Project has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Project has received a U.S. Department of Housing and Urban Development direct loan under Section 202 of the National Housing Act. The loan balance outstanding at the beginning of the period is included in the federal expenditures presented in the Schedule. The Project received no additional loans during the year. The balance of the loan outstanding at September 30, 2022 consists of: Assistance Listing Number 14.157 Supportive Housing for the Elderly (Section 202) Outstanding Balance at September 30, 2022 $3,686,600