Notes to SEFA
Title: GENERAL
Accounting Policies: 2. BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and OMB Circular A-122, Cost Principles for Non-profit Organizations, as applicable, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The Organization does not recover its indirect cost using the 10% de minimis indirect cost provided under the Uniform Guidance.
3. MORTGAGE LOAN
De Minimis Rate Used: N
Rate Explanation: No rates or allocated costs used.
The Schedule of Expenditures of Federal Awards included herein represents the federal award activity of Peninsula Housing Development, Inc., II, St. Agustin Villas, HUD Project No 066-EH180 (“Peninsula II”). The Schedule presents only a selected portion of the operations of Peninsula II, and therefore, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
Title: MORTGAGE LOAN
Accounting Policies: 2. BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and OMB Circular A-122, Cost Principles for Non-profit Organizations, as applicable, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The Organization does not recover its indirect cost using the 10% de minimis indirect cost provided under the Uniform Guidance.
3. MORTGAGE LOAN
De Minimis Rate Used: N
Rate Explanation: No rates or allocated costs used.
Peninsula II was financed by a mortgage note from HUD under Section 202 of the Housing Act of 1959. The loan balance outstanding at the beginning of the year was $1,941,997 and the Organization did not receive additional loans during the year. The amount shown represents the current balance owed. All Federal grant operations of the Organization are 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”).