Notes to SEFA
Title: HUD CAPITAL ADVANCES
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, Cost Principles for Nonprofit Organization, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
For purposes of presentation on the Schedule, the Uniform Guidance requires that the balance of the Section 202 capital advances be included for each of the 40 years through which continuing compliance requirements must be met. For purposes of presentation on the Organizations consolidated financial statements, these balances are reported as HUD capital advances.
Title: AMERICAN RESCUE PLAN PAYMENTS
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, Cost Principles for Nonprofit Organization, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
During the year ended June 30, 2023 and 2022, the Organization receive $89,500 and $1,050,750, respectively, in American Rescue Plan Stabilization Funds (Assistance Listing Number 93.575) from the United States Department of Human Services and passed through the Arkansas Department of Human Services. These monies are not reported on the Schedule because these funds are not subject to the reporting requirements contained in the Uniform Guidance.
Title: MEDICAID
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, Cost Principles for Nonprofit Organization, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Medical Assistance Program (Title XIX) revenues amounted to $39,858,452 during the year ended June 30, 2023.
Title: RENTAL ASSISTANCE PAYMENTS
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, Cost Principles for Nonprofit Organization, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Tenant assistance payments amounted to $594,384 during the year ended June 30, 2023.