Notes to SEFA
Title: U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM
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, WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWABLE OR ARE LIMITED AS TO REIMBURSEMENT.
De Minimis Rate Used: N
Rate Explanation: CPM 811 ENTITIES HAS ELECTED NOT TO USE THE 10% DE MINIMIS INDIRECT COST RATE ALLOWED UNDER UNIFORM GUIDANCE.
CPM 811 ENTITIES HAS RECEIVED U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT DIRECT LOANS AND LOANS PASSED THROUGH THE PHILADELPHIA REDEVELOPMENT AUTHORITY. THE LOAN BALANCES OUTSTANDING AT THE BEGINNING OF THE YEAR IS INCLUDED IN THE FEDERAL EXPENDITURES PRESENTED IN THE SCHEDULE. CPM 811 ENTITIES RECEIVED NO ADDITIONAL LOANS DURING THE YEAR. THE BALANCE OF THE LOANS OUTSTANDING AT JUNE 30, 2022, CONSISTS OF: ASSISTANCE LISTING - #14.181, PROGRAM NAME - SUPPORTIVE HOUSING FOR PERSONS WITH DISABILITIES (SECTION 811), OUTSTANDING BALANCE AT JUNE 30, 2022 - $11,398,903; ASSISTANCE LISTING - #14.239, PROGRAM NAME - HOME INVESTMENT PARTNERSHIPS PROGRAM, OUTSTANDING BALANCE AT JUNE 30, 2022 - $394,358; ASSISTANCE LISTING #14.253, PROGRAM NAME - COMMUNITY DEVELOPMENT BLOCK GRANT, OUTSTANDING BALANCE AT JUNE 30, 2022 - $572,000.
Title: BASIS OF PRESENTATION
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, WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWABLE OR ARE LIMITED AS TO REIMBURSEMENT.
De Minimis Rate Used: N
Rate Explanation: CPM 811 ENTITIES HAS ELECTED NOT TO USE THE 10% DE MINIMIS INDIRECT COST RATE ALLOWED UNDER UNIFORM GUIDANCE.
THE ACCOMPANYING COMBINING SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS (THE SCHEDULE) INCLUDES THE FEDERAL AWARD ACTIVITY OF CPM 811 ENTITIES 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 CPM 811 ENTITIES, IT IS NOT INTENDED TO AND DOES NOT PRESENT THE FINANCIAL POSITION, CHANGES IN NET ASSETS, OR CASH FLOWS OF CPM 811 ENTITIES.