Notes to SEFA
Title: Loan/ Loan Guarantee Outstanding Balances
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: Buffalo Mercy Housing Development Fund Company, Inc. has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Mortgage Insurance for the Refinancing of Existing Multifamily Housing Project (Section 207/23(f)) 14.155- Balance outstanding at the end of the audit period was $ 2,536,144
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: Buffalo Mercy Housing Development Fund Company, Inc. has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Buffalo Mercy Housing Development Fund Company, Inc. under programs of the federal government for the year ended December 31, 2023. 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 Buffalo Mercy Housing Development Fund Company, Inc. it is not intended to and does not present the financial position, changes in net deficit, or cash flows of Buffalo Mercy Housing Development Fund Company, Inc.