Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Baisis of Presentation: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal
award activity of Renaissance Court, Inc. (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 operation 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. Summary of Significant 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 the OMB Circular A-122 and
Uniform Guidance.
The Organization elected to use the 10 percent de minimis indirect cost rate as allowed under the
Uniform Guidance; however, the agreements with HUD do not include indirect cost reimbursement, so there were no indirect costs charged to the federal award programs for the year ended June 30, 2024.
De Minimis Rate Used: Y
Rate Explanation: The Organization elected to use the 10 percent de minimis indirect cost rate as allowed under the
Uniform Guidance; however, the agreements with HUD do not include indirect cost reimbursement, so there were no indirect costs charged to the federal award programs for the year ended June 30, 2024.
Supportive housing for persons with disabilities: Section 811 capital advance (14.181) - Balance outstanding at the end of the audit period was $2,559,300. HOME Investment Partnerships Porgram (14.239) - Balance outstanding at the end of the audit period as $420,000.