Notes to SEFA
Title: Capital Advances and Loan Outstanding
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the Federal assistance activity of IBA and Affiliates 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). IBA and Affiliates' consolidating financial statements include the operations of Viviendas, LLC, South End Apartments Limited Partnership, Victoria Apartments Limited Partnership, Robert L. Fortes House Limited Partnership, Casas Borinquen Apartments Limited Partnership, and West Newton Rutland LLC (see page 48), which are not included in the accompanying Schedule of Expenditures of Federal Awards for the year ended December 31, 2023, since the component units are not subject to Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: IBA and Affiliates has elected not to use the 10% de minimis cost rate for its Federal programs.
The Supportive Housing for the Elderly expenditures listed on page 44 include outstanding capital advance balances of $4,726,500 and outstanding loan balances of $400,000 as of December 31, 2023.