Notes to SEFA
Title: HUD Capital Advance
Accounting Policies: BASIS OF PRESENTATION - The accompanying schedule of expenditures of federal awards includes the federal grant activity of Houston SRO Housing Corporation, 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Because the schedule presents only a selected portion of the operations of Houston SRO Housing Corporation, it is not intended to and does not present the financial position, changes in net assets or cash flows of Houston SRO Housing Corporation.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Expenditures reported in 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 reimbursements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
HUD CAPITAL ADVANCE - The Project has received a loan under HUD's Housing Opportunities for Persons with AIDS Program in 1998. The loan balance at the beginning of the year is included in the schedule of expenditures of federal awards The Project has received no additional funds during the year. The loan balance is reported as net assets without donor restrictions in the statement of financial position at December 31, 2022 as the extended affordability period for this contract ended on June 5, 2022.
Title: Community Residence Roof Replacement and Repair
Accounting Policies: BASIS OF PRESENTATION - The accompanying schedule of expenditures of federal awards includes the federal grant activity of Houston SRO Housing Corporation, 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Because the schedule presents only a selected portion of the operations of Houston SRO Housing Corporation, it is not intended to and does not present the financial position, changes in net assets or cash flows of Houston SRO Housing Corporation.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Expenditures reported in 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 reimbursements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
COMMUNITY RESIDENCE ROOF REPLACEMENT AND REPAIRS - The Project is a subrecipient of a grant received under HUD's Housing Opportunities for Persons with AIDS program. The grant is through the City of Houston and will provide the Project with up to $700,000 in HOPWA funds to enable the Project to do a complete roof replacement and repair of residential units at the San Jacinto Apartments. The Project has received $528,400 of funds related to this project. These are reported as net assets without donor restrictions in the statement of financial position at December 31, 2022 as the extended affordability period for this contract ended on June 5, 2022.