Notes to SEFA
Title: A
Accounting Policies: Note B - Summary of Significant 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. Lord Howe Estates Housing Development Fund 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.
Note A - Basis Of Presentation;
An accompanying schedule of expenditures of federal awards includes the federal award activity of Lord Howe Estates Housing Development Fund Corporation, Project No. 014-11169, and is presented on 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 Schedule presents only a selected portion of the operations of Lord Howe Estates Housing Development Fund Corporation, it is not intended to and does not present the financial position, change in net deficit, or cash flows of Lord Howe Estates Housing Development Fund Corporation.
Title: B
Accounting Policies: Note B - Summary of Significant 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. Lord Howe Estates Housing Development Fund 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.
Note B - Summary of Significant 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. Lord Howe Estates Housing Development Fund Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: C
Accounting Policies: Note B - Summary of Significant 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. Lord Howe Estates Housing Development Fund 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.
Note C - U.S Department of Housing and Urban Development Loan Program;
Lord Howe Estates Housing Development Fund Corporation has received a U.S. Department of Housing and Urban Development direct loan under Section 207/223F of the National Housing Act. The loan balance outstanding at the beginning of the period is included in the federal expenditures presented in the Schedule. Lord Howe Estates Housing Development Fund Corporation received no additional loans during the period. The balance of the loan outstanding at March 31, 2023 was $1,341,455.