Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Summary of Significant 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. Wellspring Tonini Apartments, Inc. has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
SUPPORTIVE HOUSING FOR PERSONS WITH DISABILITIES - SECTION 811 CAPITAL ADVANCE PROGRAM WITH PROJECT RENTAL ASSISTANCE (14.181) - Balances outstanding at the end of the audit period were 1574500. HOME INVESTMENT PARTNERSHIPS PROGRAM (14.239) - Balances outstanding at the end of the audit period were 240000. HOME INVESTMENT PARTNERSHIPS PROGRAM (14.239) - Balances outstanding at the end of the audit period were 90600.
Title: BASIS OF PRESENTATION
Accounting Policies: Summary of Significant 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. Wellspring Tonini Apartments, Inc. has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
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 includes the federal award activity of Wellspring Tonini Apartments, Inc., HUD Project No. 083-HD103-NP-CMI 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 Wellspring Tonini Apartments, Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of Wellspring Tonini Apartments, Inc.
Title: U.S. Department of Housing and Urban Development Loan Program
Accounting Policies: Summary of Significant 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. Wellspring Tonini Apartments, Inc. has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Wellspring Tonini Apartments, Inc. has been assigned a U.S. Department of Housing and Urban Development Capital Advance under Section 811 of the National Housing Act and the HOME Investment Partnership Program. The capital advance balance outstanding at the beginning of the year is included in the federal expenditures presented in the schedule. Wellspring Tonini Apartments, Inc. received no additional advances or loans during the year. The balance of the capital advance outstanding at June 30, 2022 consists of:CFDA Number??? Program NameBalance Outstanding June 30, 202214.181Section 811 Capital Advance$1,574,50014.239HOME Investment Partnership 240,00014.239HOME Investment Partnership 90,600