Notes to SEFA
Title: Federal loan program
Accounting Policies: The accompanying schedule of expenditures of federal awards ("Schedule") includes the federal award activity of Lebanese Community Housing for the Elderly, 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 Lebanese Community Housing for the Elderly, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Lebanese Community Housing for the Elderly, Inc. For the year ended December 31, 2023, no awards were passed through to subrecipients. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles contained in OMB Circular A-122, "Cost Principles for Non-Profit Organizations", and 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: Lebanese Community Housing for the Elderly, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Lebanese Community Housing for the Elderly, Inc.'s mortgage loan is being provided co-insurance by the U.S. Department of Housing and Urban Development under Section 542(c) of the Housing and Community Development Act of 1992. The portion of the loan balances outstanding at the beginning of the year that are insured under 542(c) is included in the federal expenditures presented in the Schedule. Lebanese Community Housing for the Elderly, Inc. received no additional loans during the year. The balance of the loans outstanding at December 31, 2023 that are insured under Section 542(c) consists of: Assistance Listing Number: 14.188 Program Name: Housing Finance Agencies (HFA) Risk Sharing Outstanding Balance at Decemebr 31, 2023: $1,197,826