Notes to SEFA
Title: Description
Accounting Policies: The financial activity shown on the Schedule of Expenditures of Federal Awards reflects the Section 8 Assistance payments received and the loan balance of HUD Project No. 054-11088 for the year ending December 31, 2023. R-LCOA Development Housing Corporation Inc., reports on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: R-LCOA Housing Development Corporation, Inc., has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
R-LCOA Housing Development Corporation, Inc. has adopted Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Those standards were adopted to fulfill the financial and compliance audit requirements of federal grantor agencies. For purposes of implementing Uniform Guidance, federal grant awards were made susceptible to audit and are included in the Schedule of Expenditures of Federal Awards.
Title: Housing and Urban Development (HUD) Loan
Accounting Policies: The financial activity shown on the Schedule of Expenditures of Federal Awards reflects the Section 8 Assistance payments received and the loan balance of HUD Project No. 054-11088 for the year ending December 31, 2023. R-LCOA Development Housing Corporation Inc., reports on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: R-LCOA Housing Development Corporation, Inc., has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The outstanding balance of the HUD Section 223(f) – R-LCOA Housing Development Corporation, Inc. loan is $1,698,657 at December 31, 2023. Principal amortization of this loan was $49,905 for the year ended December 31, 2023.