Title: Note 3:
Accounting Policies: The schedule of expenditures of federal awards is prepared on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected to not use the 10% de minimis cost rate.
The balance of the HOME Investment Partnership Program loans at May 31,2024 is $3,651,736, of which, all but $600,000, $525,000, $748,000, and$728,736 attributable to Sunflower Gardens III, LLC, Fieldcrest, LLC, HarvestPointe, LLC, and Abilene Court, LLC, respectively, are included as a component of equity.
Title: Note 4:
Accounting Policies: The schedule of expenditures of federal awards is prepared on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected to not use the 10% de minimis cost rate.
The balance of the HUD Capital Advance Grants at May 31, 2024 is $21,837,083, which is included as a component of equity (See SEFA Note 7). All HUD Capital Advance Grants other than $668,900 attributable to K.C. Estates, Inc. were separately reported as part of the Affiliate's individual reporting requirements. This federal award is non-cash and relates to compliance requirements throughout the grant period.
Title: Note 5:
Accounting Policies: The schedule of expenditures of federal awards is prepared on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected to not use the 10% de minimis cost rate.
The balance of the Section 538 Rental Housing Guaranteed Loan at May 31, 2024 is $832,791.
Title: Note 6:
Accounting Policies: The schedule of expenditures of federal awards is prepared on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected to not use the 10% de minimis cost rate.
The balance of the Housing Trust Fund loans at May 31, 2024 is $1,575,000.
Title: Note 7:
Accounting Policies: The schedule of expenditures of federal awards is prepared on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected to not use the 10% de minimis cost rate.
The schedule of expenditures of federal awards does not include any amounts reported separately as a part of the Affiliate's individual reporting requirements.