Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Basis of PresentationThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal financial assistance activity of Prince of Peace Housing, Inc. (the Project) and is presented on the accrual basis of accounting. For purposes of this schedule, federal financial awards include an insured mortgage payable entered into by the Project. 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 the Project, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Project.Federal expenditures of $3,906,771 are comprised of $307,371 in current year expenditures and the outstanding balance of the insured mortgage payable by the U.S. Department of Housing and Urban Development and related grant funds totaling $3,599,400, as of June 30, 2022, which is required to be included each year the federal government imposes compliance requirements on the program funded by the original loan.
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 3599400.