Notes to SEFA
Title: Note 3 Loan
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of the Housing Authority of the City of Oshkosh (Authority) and Cumberland Court Master Development and Subsidiaries, LLC (LLC) under programs of the federal government for the year ended December 31, 2023 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 (CFR) 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 Authority and the LLC, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Authority or LLC. Expenditures reported on the Schedule are recognized following the cost principles in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Authority has not elected to use the 10 percent de Minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Authority has not elected to use the 10 percent de Minimis indirect cost rate as allowed under the Uniform Guidance.
The loan outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. The balance of the loan outstanding at December 31, 2023 consists of: 14.164 Operating Assistance for Troubled Multifamily Housing Projects Outstanding balance at December 31, 2023 $454,145