Title: GENERAL INFORMATION
Accounting Policies: The accompanying Schedule includes the federal award activity of 607 Concord Avenue HDFC under programs of the federal government for the year ended November 30, 2023. The information in the 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 607 Concord Avenue HDFC, it is not intended to and does not present the financial position, changes in net deficit, or cash flows of 607 Concord Avenue HDFC.
De Minimis Rate Used: Y
Rate Explanation: 607 Concord Avenue HDFC does not have federal negotiated indirect cost rate and has elected to use the 10% de minimis indirect cost rate allowed under section 200.414 in the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (“the Schedule”) presents the activities of all federal awards of 607 Concord Avenue Housing Development Fund Corporation (“607 Concord Avenue HDFC”). All financial assistance received directly from federal agencies as well as financial assistance passed through other governmental agencies or nonprofit organizations are included on the Schedule.
Title: BASIS OF ACCOUNTING
Accounting Policies: The accompanying Schedule includes the federal award activity of 607 Concord Avenue HDFC under programs of the federal government for the year ended November 30, 2023. The information in the 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 607 Concord Avenue HDFC, it is not intended to and does not present the financial position, changes in net deficit, or cash flows of 607 Concord Avenue HDFC.
De Minimis Rate Used: Y
Rate Explanation: 607 Concord Avenue HDFC does not have federal negotiated indirect cost rate and has elected to use the 10% de minimis indirect cost rate allowed under section 200.414 in the Uniform Guidance.
The Schedule is presented using the accrual basis of accounting. The amounts reported in the Schedule may differ from certain financial reports submitted to federal funding agencies due to those reports being submitted on either cash or a modified cash basis of accounting.
Title: RELATIONSHIP TO BASIC FINANCIAL STATEMENTS
Accounting Policies: The accompanying Schedule includes the federal award activity of 607 Concord Avenue HDFC under programs of the federal government for the year ended November 30, 2023. The information in the 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 607 Concord Avenue HDFC, it is not intended to and does not present the financial position, changes in net deficit, or cash flows of 607 Concord Avenue HDFC.
De Minimis Rate Used: Y
Rate Explanation: 607 Concord Avenue HDFC does not have federal negotiated indirect cost rate and has elected to use the 10% de minimis indirect cost rate allowed under section 200.414 in the Uniform Guidance.
Federal expenditures are reported on the statement of activities as operating costs before depreciation. The expenditures reported in the basic financial statements may differ from the expenditures reported in the Schedule due to program expenditures exceeding grant or contract budget limitations or agency matching or in-kind contributions which are not included as federal awards.
Title: BASIS OF PRESENTATION
Accounting Policies: The accompanying Schedule includes the federal award activity of 607 Concord Avenue HDFC under programs of the federal government for the year ended November 30, 2023. The information in the 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 607 Concord Avenue HDFC, it is not intended to and does not present the financial position, changes in net deficit, or cash flows of 607 Concord Avenue HDFC.
De Minimis Rate Used: Y
Rate Explanation: 607 Concord Avenue HDFC does not have federal negotiated indirect cost rate and has elected to use the 10% de minimis indirect cost rate allowed under section 200.414 in the Uniform Guidance.
The accompanying Schedule includes the federal award activity of 607 Concord Avenue HDFC under programs of the federal government for the year ended November 30, 2023. The information in the 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 607 Concord Avenue HDFC, it is not intended to and does not present the financial position, changes in net deficit, or cash flows of 607 Concord Avenue HDFC.
Title: SUBRECIPIENTS
Accounting Policies: The accompanying Schedule includes the federal award activity of 607 Concord Avenue HDFC under programs of the federal government for the year ended November 30, 2023. The information in the 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 607 Concord Avenue HDFC, it is not intended to and does not present the financial position, changes in net deficit, or cash flows of 607 Concord Avenue HDFC.
De Minimis Rate Used: Y
Rate Explanation: 607 Concord Avenue HDFC does not have federal negotiated indirect cost rate and has elected to use the 10% de minimis indirect cost rate allowed under section 200.414 in the Uniform Guidance.
The Organization provided no federal awards to subrecipients for the year ended November 30, 2023.
Title: INDIRECT COST RATE
Accounting Policies: The accompanying Schedule includes the federal award activity of 607 Concord Avenue HDFC under programs of the federal government for the year ended November 30, 2023. The information in the 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 607 Concord Avenue HDFC, it is not intended to and does not present the financial position, changes in net deficit, or cash flows of 607 Concord Avenue HDFC.
De Minimis Rate Used: Y
Rate Explanation: 607 Concord Avenue HDFC does not have federal negotiated indirect cost rate and has elected to use the 10% de minimis indirect cost rate allowed under section 200.414 in the Uniform Guidance.
607 Concord Avenue HDFC does not have federal negotiated indirect cost rate and has elected to use the 10% de minimis indirect cost rate allowed under section 200.414 in the Uniform Guidance.
Title: U.S. DEPARTMENT OF HOUISNG AND URBAN DEVELOPMENT CAPITAL ADVANCE (SECTION 811/SECTION 202)
Accounting Policies: The accompanying Schedule includes the federal award activity of 607 Concord Avenue HDFC under programs of the federal government for the year ended November 30, 2023. The information in the 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 607 Concord Avenue HDFC, it is not intended to and does not present the financial position, changes in net deficit, or cash flows of 607 Concord Avenue HDFC.
De Minimis Rate Used: Y
Rate Explanation: 607 Concord Avenue HDFC does not have federal negotiated indirect cost rate and has elected to use the 10% de minimis indirect cost rate allowed under section 200.414 in the Uniform Guidance.
The capital advance program, as of November 30, 2023, in the amount of $8,781,600 has an underlying mortgage note agreement with HUD, secured by the property. The note bears no interest, and repayment is not required as long as the facility remains available to very low income elderly or disabled persons in accordance with HUD regulations for a forty year period and therefore this balance remains unchanged. If the Project defaults under the terms of this note, the entire capital advance (plus accrued interest from inception of the advance at a rate of 5.75% per annum) shall become due and payable at the option of HUD. The advance is subject to HUD compliance requirements.