Notes to SEFA
Title: Note 3 - Mortage
Accounting Policies: Note 1 – Basis of Presentation and Significant Accounting Policies
The schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Harlem
West II Housing Development Fund Company, Inc., HUD Project No. 012-11529 under programs of the
federal government for the year ended March 31, 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 operations of Harlem West II Housing
Development Fund Company, Inc., it is not intended to and does present the financial position, changes in
net deficit, or cash flows of Harlem West II Housing Development Fund Company, Inc.
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 limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Harlem West II Housing Development Fund Company, Inc. has elected to not use the 10 percent de minimis
indirect cost rate as allowed under the Uniform Guidance.
Harlem West II Housing Development Fund Company, Inc. has a loan guaranteed by HUD and the
outstanding balance of the loan at March 31, 2023 is $16,945,187.