Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: (2) Summary of Significant Accounting PoliciesExpenditures (or tenant assistance payments) reported on the Schedule are reported on the accrual basisof accounting as more fully described in Note 1 to the Project financial statements, as well as inaccordance with the Uniform Guidance. Such expenditures are recognized following the cost principlescontained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limitedas to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
SUPPORTIVE HOUSING FOR THE ELDERLY (14.157) - Balances outstanding at the end of the audit period were 6458650.
Title: Supportive Housing for the Elderly
Accounting Policies: (2) Summary of Significant Accounting PoliciesExpenditures (or tenant assistance payments) reported on the Schedule are reported on the accrual basisof accounting as more fully described in Note 1 to the Project financial statements, as well as inaccordance with the Uniform Guidance. Such expenditures are recognized following the cost principlescontained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limitedas to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The federal government imposescontinuing compliance requirements under CFDA No. 14.157, Supportive Housing for the Elderly(Section 202), for the term of the loans. Per Section 200.502 of the Uniform Guidance, the balance of loansor loan guarantee programs with continuing compliance requirements should be shown on the Schedule asof the beginning of the audit period. The July 1, 2021 balance of the loans were $6,458,650.