Notes to SEFA
Title: NOTE C U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT REFINANCE LOAN
Accounting Policies: NOTE A BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards includes the federal grant activity ofMamou Elderly Housing Development Corporation, operating as Savoy Heights Apartments, HUDProject No. 064-11117, and is presented on the accrual basis of accounting. The information in thisschedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal RegulationsPart 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for FederalAwards (Uniform Guidance). Because the Schedule presents only a selected portion of the operationsof Mamou Elderly Housing Development Corporation, it is not intended to and does not present thefinancial position, changes in net assets, or cash flows of Mamou Elderly Housing DevelopmentCorporation.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: Y
Rate Explanation: Mamou Elderly Housing Development Corporation has elected not to use the 10-percent de minimis indirect cost rateallowed under the Uniform Guidance.
Mamou Elderly Housing Development Corporation has received a U.S. Department of Housing and Urban Development mortgage restructuring under Section 207 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. Mamou Elderly Housing Development Corporation received no additional loans during the year. The balance of the loan outstanding as of March 31, 2022 was $2,065,681.