Title: Note 3 – Loans
Accounting Policies: Note 1 – Summary of Significant Accounting Policies
The accompanying schedule of expenditures of federal awards and state financial assistance includes the federal grant and state financial assistance activities of Pinellas Affordable Living, Inc. (“Organization”). 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”) and Chapter 10.650, Rules of the Auditor General.
Because the schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, change in net assets, or cash flows of the Organization.
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 or Chapter 10.650, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Note 2 – Indirect Costs
The Organization has elected not to use the 10% de minimis cost rate allowed by the Uniform Guidance.
Note 3 – Loans
The Organization has the following loan balances:
Assistance Original
Additional
Loan
Listing/CSFA Loan Balance at Funding/ Balance at
Description Amount July 1, 2022 (Payments) June 30, 2023
14.218 CDBG-Entitlement Grants Cluster: Community Development Block Grants/ Entitlement Grants
Owl's Nest $ 12,000 $ 12,000 $ - $ 12,000
Ranch at Pinellas 400,000 376,910 (11,545) 365,365
Salt Creek 129,093 129,093 - 129,093
14.239 Home Investment Partnerships Program
Bayou Pass Apts. 111,000 111,000 - 111,000
Broadwater III 500,000 500,000 - 500,000
Broadwater IV 110,000 110,000 - 110,000
Clam Bayou Apts. 399,294 399,294 - 399,294
Evergreen Village 545,410 545,410 12,624 558,034
Poynter Preserves 1,175,000 1,175,000 - 1,175,000
Poynter Preserves 965,790 965,790 - 965,790
Poynter Preserves III 481,093 481,093 - 481,093
Poynter Preserves III 481,093 479,296 - 479,296
Salt Creek 186,222 186,222 - 186,222
Salt Creek 1,815 1,815 - 1,815
Twin Brooks Apts. II & III 1,641,199 1,641,199 - 1,641,199
Total Federal $ 7,139,009 $ 7,114,122 $ 1,079 $ 7,115,201
Number
Note 3 – Loans (Continued)
The Organization has the following loan balances (continued):
Assistance Original
Additional
Loan
Listing/CSFA Loan Balance at Funding/ Balance at
Description Amount July 1, 2022 (Payments) June 30, 2023
40.901 State Housing Initiatives Program ("SHIP")
Butterfly Grove 469,621 469,621 - 469,621
Ranch II 926,696 926,696 - 926,696
Total State $ 1,396,317 $ 1,396,317 $ - $ 1,396,317
Number
Title: Note 4 – Contingency
Accounting Policies: Note 1 – Summary of Significant Accounting Policies
The accompanying schedule of expenditures of federal awards and state financial assistance includes the federal grant and state financial assistance activities of Pinellas Affordable Living, Inc. (“Organization”). 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”) and Chapter 10.650, Rules of the Auditor General.
Because the schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, change in net assets, or cash flows of the Organization.
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 or Chapter 10.650, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Note 2 – Indirect Costs
The Organization has elected not to use the 10% de minimis cost rate allowed by the Uniform Guidance.
Expenditures incurred by the Organization are subject to audit and possible disallowance by federal or state agencies. Management believes that, if audited, an adjustment for disallowed expenses would be immaterial.