Notes to SEFA
Title: NOTE 1 – BASIS OF PRESENTATION
Accounting Policies: NOTE 2 – SUMMARY OF SIGNIFICANT 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. Mount Carmel Housing, Inc. has 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: Mount Carmel Housing, Inc. has 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 award activity of Mount Carmel Housing, Inc. (MHFA Project No. 00-244) under programs of the federal government 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). Because the Schedule presents only a selected portion of the operations of Mount Carmel Housing, Inc. it is not intended to and does not present the financial position, changes in net assets, or cash flows of Mount Carmel Housing, Inc. For the year ended June 30, 2024, no awards were passed through to subrecipients.
Title: NOTE 3 – U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM
Accounting Policies: NOTE 2 – SUMMARY OF SIGNIFICANT 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. Mount Carmel Housing, Inc. has 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: Mount Carmel Housing, Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Mount Carmel Housing, Inc. has received a U.S. Department of Housing and Urban Development direct loan under Section 202 of the National Housing Act. The loan balance of the Housing Finance Agency Risk Share Program loan at June 30, 2023 was $4,973,630. 50% of the loan has been included on the SEFA to represent HUD’s 50% risk sharing obligation. Mount Carmel Housing, Inc. received no additional loans during the year. The balance of the loan outstanding at June 30, 2024 consists of:
Assistance Living Outstanding Balance at
Number Program Name June 30, 2024
Housing Finance Agency
14.188 (HFA) Risk Sharing Program $ 4,864,218
Title: NOTE 4 – FINDING OF NONCOMPLIANCE
Accounting Policies: NOTE 2 – SUMMARY OF SIGNIFICANT 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. Mount Carmel Housing, Inc. has 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: Mount Carmel Housing, Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
There were no findings of noncompliance identified in connection with the Company’s single audit for the year ended June 30, 2024.