Notes to SEFA
Title: NOTE B - U.S. DEPARTMENT OF AGRICULTURE RURAL RENTAL HOUSING LOAN PROGRAM
Accounting Policies: NOTE A - BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards includes the federal award activity of Volunteer Housing Development Corporation, Inc., Old Saybrook Apartments, and is presented on the full accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal RegulationsPart 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 Project, it is not intended to and does not present the financial position, change in net assets, or cash flows of the Project.
De Minimis Rate Used: Y
Rate Explanation: NOTE C - DE MINIMIS INDIRECT COST RATE When applicable, Volunteer Housing Development Corporation, Inc., Old Saybrook Apartments, has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Volunteer Housing Development Corporation, Inc., Old Saybrook Apartments, has received a U.S. Department of Agriculture Rural Rental Housing Loan. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Volunteer Housing Development Corporation, Inc., Old Saybrook Apartments, received no additional loans during the year. The balance of the loan outstanding at December 31, 2022 consists of: AL Number Program Name Outstanding Balance at December 31, 2022 10.415 Rural Rental Housing Loan $1,224,625