Title: Loan/loan guarantee outstanding balances
Accounting Policies: NOTE A - BASIS OF PRESENTATION The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Esther Gitlow Tower II Housing Development Fund Corp. (the Project), under programs of the federal government for the year ended June 30, 2022. The information in the 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 Esther Gitlow Tower II Housing Development Fund Corp., it is not intended to and does not present the financial position, changes in net deficit, or cash flows of Esther Gitlow Tower II Housing Development Fund Corp. NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Expenditures reported on the accompanying Schedule of Expenditures of Federal Awards are reported using 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: The auditee did not use the de minimis cost rate.
SUPPORTIVE HOUSING FOR THE ELDERLY (14.157) - Balances outstanding at the end of the audit period were 12298500.
Title: NOTE D - RELATIONSHIP TO THE FINANCIAL STATEMENTS
Accounting Policies: NOTE A - BASIS OF PRESENTATION The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Esther Gitlow Tower II Housing Development Fund Corp. (the Project), under programs of the federal government for the year ended June 30, 2022. The information in the 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 Esther Gitlow Tower II Housing Development Fund Corp., it is not intended to and does not present the financial position, changes in net deficit, or cash flows of Esther Gitlow Tower II Housing Development Fund Corp. NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Expenditures reported on the accompanying Schedule of Expenditures of Federal Awards are reported using 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: The auditee did not use the de minimis cost rate.
Federal housing assistance revenue presented in the accompanying Schedule of Expenditures of Federal Awards is included in net rental revenue in Esther Gitlow Tower II Housing Development Fund Corp.'s financial statements.
Title: NOTE E - MAJOR PROGRAMS
Accounting Policies: NOTE A - BASIS OF PRESENTATION The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Esther Gitlow Tower II Housing Development Fund Corp. (the Project), under programs of the federal government for the year ended June 30, 2022. The information in the 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 Esther Gitlow Tower II Housing Development Fund Corp., it is not intended to and does not present the financial position, changes in net deficit, or cash flows of Esther Gitlow Tower II Housing Development Fund Corp. NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Expenditures reported on the accompanying Schedule of Expenditures of Federal Awards are reported using 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: The auditee did not use the de minimis cost rate.
The programs tested as major programs in accordance with the requirements of the Uniform Guidance are: Section 202 Capital Advances - Supportive Housing for the Elderly CFDA No. 14.157 Section 8 Housing Assistance Payments Program - Project Rental Assistance Contract CFDA No. 14.195
Title: NOTE F - CAPITAL ADVANCES
Accounting Policies: NOTE A - BASIS OF PRESENTATION The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Esther Gitlow Tower II Housing Development Fund Corp. (the Project), under programs of the federal government for the year ended June 30, 2022. The information in the 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 Esther Gitlow Tower II Housing Development Fund Corp., it is not intended to and does not present the financial position, changes in net deficit, or cash flows of Esther Gitlow Tower II Housing Development Fund Corp. NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Expenditures reported on the accompanying Schedule of Expenditures of Federal Awards are reported using 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: The auditee did not use the de minimis cost rate.
The balance of the Section 202 Capital Advances totaled $12,298,500 at June 30, 2022