Notes to SEFA
Title: MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTI-FAMILY HOUSING PROJECTS
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. P.I. Foundation and Subsidiary have elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: P.I. Foundation and Subsidiary have elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
P.I. Foundation and Subsidiary are the beneficiaries of U.S. Department of Housing and Urban Development (HUD) mortgage insurance under Section 223(f) of the National Housing Act. The insured mortgage balance at the beginning of the year is included in the federal expenditures presented in the schedule. P.I. Foundation and Subsidiary received no additional loans or mortgage insurance from HUD during the year. The loan was paid off during the year ended June 30, 2024.
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. P.I. Foundation and Subsidiary have elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: P.I. Foundation and Subsidiary have elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of Federal awards includes the Federal grant activity of P.I. Foundation and Subsidiary 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic consolidated financial statements.