Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained the Uniform Guidance and/or 0MB Circular A122, CostPrinciples for Nonprofit Organizations, wherein certain types of expenditures are not allowable or are limited asto reimbursement. The Organization has elected not to use the 10 percent de minimis indirect cost rate allowedunder the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
OPERATING ASSISTANCE FOR TROUBLED MULTI-FAMILY HOUSING PROJECTS (14.164) - Balances outstanding at the end of the audit period were 781427.
Title: Note 1: Basis of Presentation
Accounting Policies: NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained the Uniform Guidance and/or 0MB Circular A122, CostPrinciples for Nonprofit Organizations, wherein certain types of expenditures are not allowable or are limited asto reimbursement. The Organization has elected not to use the 10 percent de minimis indirect cost rate allowedunder the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Archuleta Housing Corporation under programs of the federal government for the year ended June 30, 2022. 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 Archuleta Housing Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Archuleta Housing Corporation.
Title: Note 3: Flexible Subsidy Loan
Accounting Policies: NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained the Uniform Guidance and/or 0MB Circular A122, CostPrinciples for Nonprofit Organizations, wherein certain types of expenditures are not allowable or are limited asto reimbursement. The Organization has elected not to use the 10 percent de minimis indirect cost rate allowedunder the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The flexible subsidy loan funded under Operating Assistance for Troubled MultiFamily Housing Projects. The flexible subsidy loan balance as of June 30, 2022 is as follows:Program Name Federal CFDA Number Outstanding Balance HUD 14.164 $ 781,427