Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Note B:SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accountingSuch expenditures are recognized following the cost principles contained in the UniformGuidance, wherein certain types of expenditures are not allowable or are limited asto reimbursement. Universal Housing Development Corporation has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
THE RURAL DEVELOPMENT (RD) MULTI-FAMILY HOUSING REVITALIZATION DEMONSTRATION PROGRAM (MPR) (10.447) - Balances outstanding at the end of the audit period were 828264.
Title: Note C:Notes Payable
Accounting Policies: Note B:SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accountingSuch expenditures are recognized following the cost principles contained in the UniformGuidance, wherein certain types of expenditures are not allowable or are limited asto reimbursement. Universal Housing Development Corporation has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Universal Housing Development Corporation has received a U.S. Department of Housing and Urban Development loan under Section 202 of the National Housing Act. The loanbalance at the beginning of the year is included in the federal expenditures presented in the Schedule. Universal Housing Development Corporation also received a loan from Rural Development during the year and increased a loan from U.S. Department of Housing and UrbanDevelopment. The balance of the notes and at June 30, 2022 consists of:CFDANumberProgram NameOutstanding Balance at June 30, 202210.447The Rural Development (RD) Multi-Family Housing Revitalization Demonstration Program (MPR) $828,264 $828,264
Title: Note A:
Accounting Policies: Note B:SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accountingSuch expenditures are recognized following the cost principles contained in the UniformGuidance, wherein certain types of expenditures are not allowable or are limited asto reimbursement. Universal Housing Development Corporation has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards includes thefederal grant activity of Universal Housing Development Corporation and is presentedon 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 (Uniform Guidance). Because the Schedulepresents only a selected portion of the operations of Universal Housing DevelopmentCorporation it is not intended to and does not present the financial position, changes in netassets or cash flows of Universal Housing Development Corporation.