Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Expenditures (or tenant assistance payments) reported on the Schedule are reported on the accrual basisof accounting as more fully described in Note 1 to the Project financial statements, as well as inaccordance with the Uniform Guidance. Such expenditures are recognized following the cost principlescontained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limitedas to reimbursement.
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 5571100.
Title: Supportive Housing for the Elderly
Accounting Policies: Expenditures (or tenant assistance payments) reported on the Schedule are reported on the accrual basisof accounting as more fully described in Note 1 to the Project financial statements, as well as inaccordance with the Uniform Guidance. Such expenditures are recognized following the cost principlescontained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limitedas to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
As of June 30, 2022, the Project has an outstanding balance due to the U.S. Department of Housing andUrban Development in the amount of $5,571,100, which is reported in the statement of financial position inthe line item Capital advance. The federal government imposes continuing compliance requirementsunder Assistance Listing Number (ALN) 14.157, Supportive Housing for the Elderly (Section 202) for thebalance of the loan. Per Section 200.502 of the Uniform Guidance, the balance of loans or loan guaranteeprograms with continuing compliance requirements should be shown on the Schedule as of the beginningof the audit period. The July 1, 2021 balance of the loan was $5,571,100.