Notes to SEFA
Title: U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM
Accounting Policies: NOTE A. BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal
award activity of Huntwood Terrace 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 Huntwood Terrace, it is
not intended to and does not present the financial position, changes in net (deficit), or cash flows of
Huntwood Terrace.
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.
Huntwood Terrace has elected not to use the 10% de minimis indirect cost rate as allowed under
the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the deminimis cost rate.
Huntwood Terrace has received a U.S. Department of Housing and Urban Development direct loan
under Section 202 of the National Housing Act. The loan balance outstanding at the beginning of
the year is included in the federal expenditures presented in the schedule. Huntwood Terrace
received no additional loans during the year. The balance of the loan outstanding at December 31,
2023 consists of:
Assistance
Listing Number Program Name
Outstanding
Balance at
December 31, 2023
14.157 Section 202 Direct Loan $ 782,226