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 Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures may or may not be allowable or may be limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Organization does not allocate indirect costs and, therefore, has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Organization under programs of the federal government for the year ended June 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 the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
Title: Capital Advance
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 Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures may or may not be allowable or may be limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Organization does not allocate indirect costs and, therefore, has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Capital Advance through Section 811 Supportive Housing for Persons with Disabilities program in the amount of $2,003,487. The advance is secured by the property, bears no interest, and is repayable only if the property does not remain available for low-income elderly persons as approved by HUD for at least forty years. The Capital Advance matures October 24, 2047, at which time the debt will be deemed to be paid and discharged. No new loan was issued during the year. The balance of the loan was $2,003,487 for the year ended June 30, 2024.
Title: Additional Audits
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 Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures may or may not be allowable or may be limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Organization does not allocate indirect costs and, therefore, has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
HUD reserves the right to conduct additional audits of the Project's grant program for economy and efficiency and program results that may result in disallowed costs to the Project. However, management does not believe such audits would result in any disallowed costs that would be material to the Project's financial position at June 30, 2024.