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 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 Company has elected not 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 La Casa de Felicidad Housing Development Fund Corporation (the
"Company") under programs of the federal government for the year ended June 30, 2023. The
information in this 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 the Company, it is not intended to and does not present
the financial position, changes in net assets, or cash flows of the Company.
The amount for CFDA 14.195 represents tenant assistance revenue for the year ended June 30,
2023. The amount for CFDA 14.157 represents the outstanding mortgage note balance as of June
30, 2023.
Title: Summary of significant accounting policies
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 Uniform Guidance,
wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Company has elected not to use the 10% de minimis indirect cost rate allowed under the
Uniform Guidance.
Expenditures reported on the Schedule are reported on 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.
Title: Indirect cost rate
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 Uniform Guidance,
wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Company has elected not to use the 10% de minimis indirect cost rate allowed under the
Uniform Guidance.
The Company has elected not to use the 10% de minimis indirect cost rate allowed under the
Uniform Guidance.
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 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 Company has elected not to use the 10% de minimis indirect cost rate allowed under the
Uniform Guidance.
La Casa de Felicidad Housing Development Fund Corporation has received a U.S. Department of
Housing and Urban Development direct loan under Section 202 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. La Casa de Felicidad Housing Development Fund Corporation received
no additional loans during the year. The balance of the loan outstanding at June 30, 2023 consist of:
Assistance
Listing Number
14.157
Program Name
Supportive Housing for the Elderly - Project Rental
Assistance Outstanding
Balance at June 30, 2023 $ 11,438,500
Supportive Housing for the Elderly - Project Rental Assistance
$ 11,438,500
14.157
Supportive Housing for the Elderly - Project Rental Assistance
$ 11,438,500
$ 11,438,500