Notes to SEFA
Title: General
Accounting Policies: 2. BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and OMB Circular A-122, Cost Principles for Non-profit Organizations, as applicable, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The Organization does not recover its indirect cost using the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Organization does not recover its indirect cost using the 10% de minimus indirect rate allowed under the Uniform Guidance.
The Schedule of Expenditures of Federal Awards included herein represents the federal grant awards of Peninsula Housing Development, Inc., IX Princeton Manor Apartments, HUD Project No 066 – EE103-WAH (“Peninsula IX”) over which Peninsula IX exercised direct operating control for the year ended March 31, 2024. The Schedule presents only a selected portion of the operations of Peninsula IX, and it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
Title: Capital Advances and Other Notes
Accounting Policies: 2. BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and OMB Circular A-122, Cost Principles for Non-profit Organizations, as applicable, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The Organization does not recover its indirect cost using the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Organization does not recover its indirect cost using the 10% de minimus indirect rate allowed under the Uniform Guidance.
Peninsula IX was financed by a mortgage note (capital advances) from HUD under Section 202 of the Housing Act of 1959 and loan from the Home Investment Partnership Program from Miami Dade County. The balance outstanding at the beginning of the year was $10,394,101 for the capital advance and $406,381 for the Home Investment Partnership Program loan, respectively, and no additional loan was received during the year. The amounts shown represent the current balances owed as of March 31, 2024.
All Federal grant operations of the Organization are 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”).
Title: Audits Performed By Other Organizations
Accounting Policies: 2. BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and OMB Circular A-122, Cost Principles for Non-profit Organizations, as applicable, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The Organization does not recover its indirect cost using the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Organization does not recover its indirect cost using the 10% de minimus indirect rate allowed under the Uniform Guidance.
There were no other audits performed by federal grantor agencies or by sub-grantor organizations of Peninsula IX’s administration of federal assistance programs in fiscal year 2024.