Notes to SEFA
Title: Note 1: GENERAL
Accounting Policies: The amount of expenditures for the Section 202, Supportive Housing for Elderly rental assistance included in the accompanying Schedule of Expenditures of Federal Awards is in agreement with the financial statements of the organizations presented in accordance with generally accepted accounting principles. However, for the Section 202, Supportive Housing for the Elderly capital advance, the amount of expenditures on the Schedule is based on the outstanding balance of the loan at September 30, 2022.
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 the activity of all federal award programs of the organization for the year ended September 30, 2022. All federal awards with current year activity received directly from federal agencies, as well as federal awards passed through other government agencies, are included in the Schedule.
Title: Note 3: RELATIONSHIP TO FEDERAL FINANCIAL REPORTS
Accounting Policies: The amount of expenditures for the Section 202, Supportive Housing for Elderly rental assistance included in the accompanying Schedule of Expenditures of Federal Awards is in agreement with the financial statements of the organizations presented in accordance with generally accepted accounting principles. However, for the Section 202, Supportive Housing for the Elderly capital advance, the amount of expenditures on the Schedule is based on the outstanding balance of the loan at September 30, 2022.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Amounts reported in the accompanying Schedule agree, in all material respects, with the amounts reported in the related federal financial reports.
Title: Note 4: SECTION 202 CAPITAL ADVANCE
Accounting Policies: The amount of expenditures for the Section 202, Supportive Housing for Elderly rental assistance included in the accompanying Schedule of Expenditures of Federal Awards is in agreement with the financial statements of the organizations presented in accordance with generally accepted accounting principles. However, for the Section 202, Supportive Housing for the Elderly capital advance, the amount of expenditures on the Schedule is based on the outstanding balance of the loan at September 30, 2022.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Section 202, Supportive Housing for the Elderly capital advance was received over the fiscal years ending September 30, 2004 and 2005 to fund the construction costs of the housing project. The expenditure amount presented on the Schedule of Expenditures of Federal Awards represents the outstanding loan balance as of September 30, 2022 as required by HUD.
Title: Note 5: MAJOR PROGRAMS
Accounting Policies: The amount of expenditures for the Section 202, Supportive Housing for Elderly rental assistance included in the accompanying Schedule of Expenditures of Federal Awards is in agreement with the financial statements of the organizations presented in accordance with generally accepted accounting principles. However, for the Section 202, Supportive Housing for the Elderly capital advance, the amount of expenditures on the Schedule is based on the outstanding balance of the loan at September 30, 2022.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Major programs are identified in the Summary of Auditors Results section of the Schedule of Findings and Questioned Costs.