Notes to SEFA
Title: Basis of Presentation
Accounting Policies: This schedule of expenditures of federal awards includes the federal grant activity of Loretto O’Brien Road Housing Development Fund Company, Inc. (O’Brien Road Senior Apartments), HUD Project No. 014-EE262/NY06-S061-007 (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, Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
This schedule of expenditures of federal awards includes the federal grant activity of Loretto O’Brien Road Housing Development Fund Company, Inc. (O’Brien Road Senior Apartments), HUD Project No. 014-EE262/NY06-S061-007 (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, Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
Title: Capital Advance
Accounting Policies: This schedule of expenditures of federal awards includes the federal grant activity of Loretto O’Brien Road Housing Development Fund Company, Inc. (O’Brien Road Senior Apartments), HUD Project No. 014-EE262/NY06-S061-007 (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, Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Corporation obtained from HUD a capital advance for the construction of its facilities. The outstanding balance of this capital advance at March 31, 2024 was $3,785,187.
Title: Indirect Costs
Accounting Policies: This schedule of expenditures of federal awards includes the federal grant activity of Loretto O’Brien Road Housing Development Fund Company, Inc. (O’Brien Road Senior Apartments), HUD Project No. 014-EE262/NY06-S061-007 (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, Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Corporation has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance