Notes to SEFA
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 wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Columbia Catholic Housing for the Elderly II, Inc. has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Columbia Catholic Housing for the Elderly II, Inc., HUD Project No. 034-11128, under programs of the federal government for the year ended April 30, 2024. 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 Columbia Catholic Housing for the Elderly II, Inc., it is not intended to and does not present the financial position, changes in net deficit, or cash flows of Columbia Catholic Housing for the Elderly II, Inc.
Title: U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN 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 wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Columbia Catholic Housing for the Elderly II, Inc. has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Columbia Catholic Housing for the Elderly II, Inc. has received a loan under U.S. Department of Housing and Urban Development programs. The outstanding loan balance at the beginning of the year is included in federal expenditures presented in the Schedule. Columbia Catholic Housing for the Elderly II, Inc. received no additional loans during the year. The outstanding loan balance at April 30, 2024 consist of: Assistance Listing Number: 14.155, Program Name: Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects, Outstanding Balance: $2,866,813.