Notes to SEFA
Title: NON-CASH EXPENDITURES
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. Clifton Senior Citizens' Housing Corp. has not elected not to use the 10 percent de mini mis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Organization has an agreement with the U.S. Department of Housing and Urban Development (HUD) Section 236 Interest Reduction Program for an interest subsidy on its first mortgage. These interest payments are received directly by the mortgage company.
Title: U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM
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. Clifton Senior Citizens' Housing Corp. has not elected not to use the 10 percent de mini mis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Clifton Senior Citizens' Housing Corporation has a U.S. Department of Housing and Urban Development direct loan under Section 223 (f) of the National Housing Act (14.195). The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Clifton Senior Citizens' Housing Corporation received no additional loans during the year. The loan's outstanding balance as of June 30, 2023 consists of: $7,414,851