Notes to SEFA
Title: MORTGAGE LOAN ASSISTANCE
Accounting Policies: Expenditures reported on schedule of expenditures of federal awards (the Schedule) are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Southampton Housing for the Elderly, Inc., HUD Project No. 02311251 (the Organization) has elected not to use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance.
The HUD Section 223(f) insured mortgage loan which was received in prior fiscal years, is included on the Schedule at its outstanding balance as of July 1, 2021 as it includes continuing compliance requirements from HUD. During, 2022, no additional proceeds were received and payments of $72,336 were made. At June 30, 2022, the outstanding mortgage loan balance was $2,661,853.
Title: SUBRECIPIENTS
Accounting Policies: Expenditures reported on schedule of expenditures of federal awards (the Schedule) are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Southampton Housing for the Elderly, Inc., HUD Project No. 02311251 (the Organization) has elected not to use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance.
There were no pass through federal awards made to subrecipients by the Organization during 2022.
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on schedule of expenditures of federal awards (the Schedule) are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Southampton Housing for the Elderly, Inc., HUD Project No. 02311251 (the Organization) has elected not to use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance.
The Schedule includes the federal award activity of the Organization under programs of the Federal government for the year ended June 30, 2022. The information in the Schedule is presented in accordance with the Uniform Guidance. 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, changes in net assets or cash flows of the Organization.