Notes to SEFA
Title: Note C — U.S. Department of Housing and Urban Development Loan Program
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Hillside Elderly Housing, Inc. and is presented on the accrual basis of accounting. 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). The schedule presents only a selected portion of the operations of Hillside Elderly Housing, Inc. It is not intended to, and does not present, the financial position or changes in net assets of Hillside Elderly Housing, Inc.
De Minimis Rate Used: N
Rate Explanation: 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. Hillside Elderly Housing, Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Hillside Elderly Housing, Inc. has received U.S. Department of Housing and Urban Development funding. The advance outstanding at the beginning of the year is included in the federal expenditures presented in the schedule. Hillside Elderly Housing, Inc. received no additional loans during the year. The balance of the loan outstanding at June 30, 2022, consists of:
Program Name CFDA #
Section 202 Capital Advance 14.157 $ 3,564,018