Notes to SEFA
Title: NOTE C - U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT MORTGAGE REFINANC
Accounting Policies: NOTE A - BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards includes the federal grant activity ofNorth Dade Senior Citizens Housing Development Corporation, Inc., operating as Robert Sharp TowersI, HUD Project No. 066-11098, and is presented on the accrual basis of accounting. The informationin this schedule is presented in accordance with the requirements of Title 2 U.S. Code of FederalRegulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirementsfor Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion ofthe operations of North Dade Senior Citizens Housing Development Corporation, Inc., it is not intendedto and does not present the financial position, changes in net assets, or cash flows of North DadeSenior Citizens Housing Development Corporation, Inc.NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the Uniform Guidance, whereincertain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: North Dade Senior Citizens Housing Development Corporation, Inc. has elected not to use the 10-percent de minimisindirect cost rate allowed under the Uniform Guidance.
North Dade Senior Citizens Housing Development Corporation, Inc. has received a HUD mortgage insurance for the refinancing of existing multifamily housing projects under section 207/223(f) of the National Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. North Dade Senior Citizens Housing Development Corporation, Inc. received no additional loans during the year. The balance of the loan outstanding as of June 30, 2022 was $2,736,499.