Notes to SEFA
Accounting Policies: Basis of Presentation
This schedule of expenditures of federal awards includes the federal grant activity of Loretto Apartments Housing Development Fund Company, Inc. (Malta House Apartments), HUD Project No. 014-EE070-NY06-S941-009 (the Corporation) and is presented on the accrual basis of accounting. 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.
Capital Advance
The Corporation obtained from HUD a capital advance for the construction of its facilities. The outstanding balance of this capital advance at December 31, 2023 was $3,458,700.
Indirect Costs
The Corporation has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Indirect Costs
The Corporation has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.