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, as applicable, 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: Tuscan Brotherhood Homes II, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance
The accompanying schedule of expenditures of federal awards ("Schedule") includes the federal award activity of Tuscan Brotherhood Homes II, Inc., HUD Project No. 017-11158, under programs of the federal government for the year ended December 31, 2023. 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 Tuscan Brotherhood Homes II, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Tuscan Brotherhood Homes II, Inc. For the year ended December 31, 2023, no awards were passed through to subrecipients
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, as applicable, 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: Tuscan Brotherhood Homes II, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance
Tuscan Brotherhood Homes II, Inc. has received U.S. Department of Housing and Urban Development mortgage insurance under Section 207 pursuant to section 223(f) of the National Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Tuscan Brotherhood Homes II, Inc. received no additional advances during the year. The balance of the loan outstanding at December 31, 2023, consists of
the following:
Federal Assistance Listing Number: 14.134 Program Name: Mortgage Insurance Rental Housing Outstanding Balance at December 31, 2023: $3,725,919