Title: GENERAL
Accounting Policies: The Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Entity has not elected to use the 10% de minimis indirect cost rate per Title 2 U.S. Code of Federal Regulations Part 200.
The Schedule of Expenditures of Federal Awards presents the activity of all federal financial assistance programs of Avesta Housing Development Corporation, including federal awards passed through other government agencies, except for federal awards expended by certain entities affiliated with the Corporation provided by the U.S. Department of Housing and Urban Development and the U.S. Department of Agriculture. These federal award programs have been audited and reported on, in accordance with the provisions of Uniform Guidance, when required, at the entity level. Therefore, such federal award expenditures have not been included on this schedule. Entities subject to Uniform Guidance and the amounts included on their respective Schedules of Expenditures of Federal Awards are as follows:
Title: GENERAL (Continued)
Accounting Policies: The Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Entity has not elected to use the 10% de minimis indirect cost rate per Title 2 U.S. Code of Federal Regulations Part 200.
Entity: Noble Housing Corporation
Federal Grant/Pass-Through Grantor: U.S Department of Housing and Urban Development
Program Title: Supportive Housing for the Elderly (Section 202)
Assistance Listing Number: 14.157
Grant or Award Amount: 1,427,842
Expenditures: 1,427,842
Title: GENERAL (Continued)
Accounting Policies: The Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Entity has not elected to use the 10% de minimis indirect cost rate per Title 2 U.S. Code of Federal Regulations Part 200.
Entity: Jordan Bay Place
Federal Grant/Pass-Through Grantor: U.S Department of Housing and Urban Development
Program Title: Supportive Housing for the Elderly (Section 202)
Assistance Listing Number: 14.157
Grant or Award Amount: 1,873,724
Expenditures: 1,873,724
Title: GENERAL (Continued)
Accounting Policies: The Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Entity has not elected to use the 10% de minimis indirect cost rate per Title 2 U.S. Code of Federal Regulations Part 200.
Entity: Five Graham Street
Federal Grant/Pass-Through Grantor: U.S Department of Housing and Urban Development
Program Title: Supportive Housing for the Elderly (Section 202)
Assistance Listing Number: 14.157
Grant or Award Amount: 2,808,571
Expenditures: 2,808,571
Title: GENERAL (Continued)
Accounting Policies: The Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Entity has not elected to use the 10% de minimis indirect cost rate per Title 2 U.S. Code of Federal Regulations Part 200.
Entity: Edgecomb Woods
Federal Grant/Pass-Through Grantor: U.S Department of Housing and Urban Development
Program Title: Supportive Housing for the Elderly (Section 202)
Assistance Listing Number: 14.157
Grant or Award Amount: 2,254,338
Expenditures: 2,254,338
Title: GENERAL (Continued)
Accounting Policies: The Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Entity has not elected to use the 10% de minimis indirect cost rate per Title 2 U.S. Code of Federal Regulations Part 200.
Entity: South Windham Housing Corporation
Federal Grant/Pass-Through Grantor: U.S Department of Housing and Urban Development
Program Title: Supportive Housing for the Elderly (Section 202)
Assistance Listing Number: 14.157
Grant or Award Amount: 3,208,720
Expenditures: 3,208,720
Title: GENERAL (Continued)
Accounting Policies: The Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Entity has not elected to use the 10% de minimis indirect cost rate per Title 2 U.S. Code of Federal Regulations Part 200.
Entity: Hill Street Terrace Housing Corporation
Federal Grant/Pass-Through Grantor: U.S Department of Housing and Urban Development
Cluster: Section 8 Project-Based Cluster
Program Title: Section 8 Housing Assistance Payments - Special Allocations
Assistance Listing Number: 14.195
Grant or Award Amount: 494,955
Expenditures: 494,955
Title: GENERAL (Continued)
Accounting Policies: The Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Entity has not elected to use the 10% de minimis indirect cost rate per Title 2 U.S. Code of Federal Regulations Part 200.
Entity: Hill Street Terrace Housing Corporation
Federal Grant/Pass-Through Grantor: U.S Department of Agriculture
Program Title: Rural Rental Housing Loans
Assistance Listing Number: 10.415
Grant or Award Amount: 3,132,646
Expenditures: 3,132,646
Title: GENERAL (Continued)
Accounting Policies: The Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Entity has not elected to use the 10% de minimis indirect cost rate per Title 2 U.S. Code of Federal Regulations Part 200.
Financial assistance received directly from federal agencies as well as federal financial assistance passed through state agencies and other institutions are included on the schedule.
Title: RELATIONSHIP TO CONSOLIDATED FINANCIAL STATEMENTS
Accounting Policies: The Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Entity has not elected to use the 10% de minimis indirect cost rate per Title 2 U.S. Code of Federal Regulations Part 200.
The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200:516, Audits of States, Local Governments, and Non-Profit Organizations. Therefore, some amounts presented in the schedule may differ from amounts presented in, or used in, the preparation of the consolidated financial statements.
Title: MORTGAGE LOAN BALANCE
Accounting Policies: The Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Entity has not elected to use the 10% de minimis indirect cost rate per Title 2 U.S. Code of Federal Regulations Part 200.
Federal expenditures for Program 10.415 represent the loan balance as of the beginning of the audit period. The balances at December 31, 2023 and 2022 were $808,270 and $815,937, respectively.