Notes to SEFA
Title: Sub-Recipients
Accounting Policies: The accompanying schedule of expenditures of federal awards (the schedule) presents the
activity of all federal awards programs of Lutheran Housing Development Fund Corporation of
Long Island, Project No. 012-11272 (the Company) under programs of the federal government
for the year ended December 31, 2023. Federal awards received directly from federal
agencies, as well as federal awards passed through other government agencies, are included
in the schedule.
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 the Company, it is not intended
to and does not present the financial position, change in net deficit, or cash flows of the
Company. The accompanying schedule is presented using the accrual basis of accounting and is
presented in accordance with accounting principles generally accepted in the United States
used by the Company to report to the federal government. 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
Of the federal expenditures presented in the schedule of federal awards, the Company
provided no federal awards to sub-recipients.
Title: Mortgage Payable
Accounting Policies: The accompanying schedule of expenditures of federal awards (the schedule) presents the
activity of all federal awards programs of Lutheran Housing Development Fund Corporation of
Long Island, Project No. 012-11272 (the Company) under programs of the federal government
for the year ended December 31, 2023. Federal awards received directly from federal
agencies, as well as federal awards passed through other government agencies, are included
in the schedule.
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 the Company, it is not intended
to and does not present the financial position, change in net deficit, or cash flows of the
Company. The accompanying schedule is presented using the accrual basis of accounting and is
presented in accordance with accounting principles generally accepted in the United States
used by the Company to report to the federal government. 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 Company has a mortgage with a bank in the amount of $6,204,600 at an interest rate of
2.97%. The final payment on this mortgage is due May 1, 2040. The mortgage is insured by
the Federal Housing Administration (FHA), an organizational unit of the United States
Department of Housing and Urban Development (HUD). The outstanding balance on the
mortgage at December 31, 2023 was approximately $4,257,700.