Notes to SEFA
Title: Note 1 ‐ Basis of Presentation
Accounting Policies: The financial statements have been prepared in accordance with the accounting and reporting standards prescribed by HUD. These standards differ in some respects from accounting principles generally accepted in the United States of America, and the financial statements reflect the following additional HUD accounting and reporting principles, including costs are to be exclusive of kickbacks, rebates, or trade discounts, and financing charges are limited to the lesser of amounts actually paid, or amounts approved by HUD, on the Mortgagee’s Certificates. For this project, the financing charges are the amounts actually paid.
De Minimis Rate Used: N
Rate Explanation: No indirect costs were charged
The accompanying Schedule of Expenditures of Federal Awards includes the Federal grant activity of the Oldtimers Housing Development Corporation of Chino, HUD Project No. 122‐EH122‐WAH‐L8 (the Corporation), 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. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. The Corporation has not elected to use the ten percent de minimis cost rate as covered in Section 200.414 Indirect (F&A) costs of the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
Title: Note 2 ‐ Loan and Loan Guarantee Programs
Accounting Policies: The financial statements have been prepared in accordance with the accounting and reporting standards prescribed by HUD. These standards differ in some respects from accounting principles generally accepted in the United States of America, and the financial statements reflect the following additional HUD accounting and reporting principles, including costs are to be exclusive of kickbacks, rebates, or trade discounts, and financing charges are limited to the lesser of amounts actually paid, or amounts approved by HUD, on the Mortgagee’s Certificates. For this project, the financing charges are the amounts actually paid.
De Minimis Rate Used: N
Rate Explanation: No indirect costs were charged
The Supportive Housing for the Elderly – Section 202 program represents an outstanding loan with the United States Department of Housing and Urban Development with continuing compliance requirements. The balance on the outstanding loan at March 31, 2023 was $61,241.