Title: FEDERALLY INSURED MORTGAGE
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 and/or OMB Circular A-122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The mortgage balance, under CFDA No. 14.155, at the beginning of the year of $1,012,639 is included in the federal expenditures presented in the Schedule. There were no new loans during the year which would require presentation in the Schedule. The outstanding balance of the federally insured mortgage at June 30, 2022 was $980,108.
Title: BASIS OF PRESENTATION
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 and/or OMB Circular A-122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of PPEP Senior Housing Services Corporation, Ramona Morales Memorial Apartments, HUD Project No. 123-11164 under programs of the federal government for the year ended June 30, 2022. 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). Because the Schedule presents only a selected portion of the operations of PPEP Senior Housing Services Corporation, Ramona Morales Memorial Apartments, HUD Project No. 123-11164, it is not intended to and does not present the financial position, changes in net assets, or cash flows of PPEP Senior Housing Services Corporation, Ramona Morales Memorial Apartments, HUD Project No. 123-11164.
Title: OTHER CONTRACTS
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 and/or OMB Circular A-122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
In the event that the grantor was either unable to or did not confirm the source of federal funds all amounts were assumed to be federal for purposes of the schedule of expenditures of federal awards.
Title: MAJOR 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 and/or OMB Circular A-122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Major programs are identified in the Summary of Auditors Results section of the Schedule of Findings and Questioned Costs.
Title: RECONCILIATION OF SCHEDULE OF FEDERAL AWARDS TO STATEMENT OF ACTIVITIES
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 and/or OMB Circular A-122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Total Federal expenditures - $1,217,381; Total Non-Federal expenditures - SEFA $0; Total governmental financial assistance -$1,217,381; Less: Loan balances -$1,012,639; Housing assistance payments - Section 8 - $204,742; Plus: Tenant rent receipts - $120,850; Total rental receipts - Statement of Activities $325,592.