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 Corporation 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 Feliciadad Housing Development Fund Corporation (the
"Corporation") 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 ("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 Corporation, it is not intended to and does not
present the financial position, changes in net assets, or cash flows of the Corporation.
The amount for CFDA 14.195 represents tenant assistance revenue for the year ended June 30,
2024. The amount for CFDA 14.157 represents the outstanding mortgage note balance as of June
30, 2024.
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 Corporation 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 Corporation has elected not to use the 10% de minimis indirect cost rate allowed under the
Uniform Guidance.
The Corporation 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 Corporation 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, 2024 consist of:
Assistance Outstanding Balance at
Listing Number Program Name June 30, 2024
14.157 Supportive Housing for the Elderly - Project Rental Assistance $ 11,438,500