Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The financial activity shown on the Schedule of Expenditures of Federal Awards reflects theSection 8 Assistance payments received and the loan balance of HUD Project No. 054-11088for the year ending December 31, 2022. R-LCOA Development Housing Corporation Inc.,reports on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
MORTGAGE INSURANCE_RENTAL HOUSING FOR THE ELDERLY (14.138) - Balances outstanding at the end of the audit period were 1748562.
Title: Description
Accounting Policies: The financial activity shown on the Schedule of Expenditures of Federal Awards reflects theSection 8 Assistance payments received and the loan balance of HUD Project No. 054-11088for the year ending December 31, 2022. R-LCOA Development Housing Corporation Inc.,reports on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
R-LCOA Housing Development Corporation, Inc. has adopted Title 2 U.S. Code of FederalRegulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance). Those standards were adopted tofulfill the financial and compliance audit requirements of federal grantor agencies. Forpurposes of implementing Uniform Guidance, federal grant awards were made susceptible toaudit and are included in the Schedule of Expenditures of Federal Awards.
Title: Housing and Urban Development (HUD) Loan
Accounting Policies: The financial activity shown on the Schedule of Expenditures of Federal Awards reflects theSection 8 Assistance payments received and the loan balance of HUD Project No. 054-11088for the year ending December 31, 2022. R-LCOA Development Housing Corporation Inc.,reports on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The outstanding balance of the HUD Section 223(f) R-LCOA Housing DevelopmentCorporation, Inc. loan is $1,748,562 at December 31, 2022. Principal amortization of thisloan was $48,029 for the year ended December 31, 2022.