Notes to SEFA
Title: Loan Programs
Accounting Policies: Expenditures reported on the accompanying schedule are reported on the cash basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein some types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: New Directions Housing Corporation does not use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Balances of mortgages and loans outstanding as of June 30, 2023 are as follows:
Mortgage/loan - Federal Assistance Listing Number - Balance
Smoketown Apartments 14.164 $ 31,821
Jackson Woods Apartments 14.248 $ 840,000
St. Williams Apartments 14.248 583,000
Brandeis Apartments 14.248 89,885
Historic Parkland I properties 14.248 60,921
$ 1 ,573,806
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the accompanying schedule are reported on the cash basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein some types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: New Directions Housing Corporation does not use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards ("schedule") includes the federal grant activity of New Directions Housing Corporation under programs of the federal government for the year ended June 30, 2023. 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 New Directions Housing Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of New Directions Housing Corporation.