Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures 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.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
SUPPORTIVE HOUSING FOR THE ELDERLY (14.157) - Balances outstanding at the end of the audit period were 7531200. U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT - CAPITAL ADVANCE On January 18, 1999, the Project entered into a Capital Advance/Building Loan Agreement under Section 202 of the National Housing Act of 1959 for the development of housing serving the elderly households. The advanced to the Project was for $7,531,200. The advance need not be repaid so long as the housing remains available to elderly persons through April 1, 2037.
Title: Basis of Presentation
Accounting Policies: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures 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.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Casa Victoria Housing Development Fund Company, Inc. 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.