Title: Basis of presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following, as applicable, the cost principles contained in the Uniform
Guidance, wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: Israel Senior Citizens HDFC has elected not to use the 10-percent de minimis indirect cost rate
allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards ("Schedule") includes the federal
award activity of Israel Senior Citizens HDFC, HUD Project No.: 012-SH015 and 012-SH018, 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 Israel Senior Citizens HDFC, it is not intended to and does not
present the financial position, changes in net assets, or cash flows of Israel Senior Citizens HDFC.
For the year ended June 30, 2024, no awards were passed through to subrecipients.
Title: Summary of significant accounting policies
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following, as applicable, the cost principles contained in the Uniform
Guidance, wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: Israel Senior Citizens HDFC has elected not to use the 10-percent de minimis indirect cost rate
allowed under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following, as applicable, the cost principles contained in the Uniform
Guidance, wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
Title: Indirect cost rate
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following, as applicable, the cost principles contained in the Uniform
Guidance, wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: Israel Senior Citizens HDFC has elected not to use the 10-percent de minimis indirect cost rate
allowed under the Uniform Guidance.
Israel Senior Citizens HDFC has elected not to use the 10-percent de minimis indirect cost rate
allowed under the Uniform Guidance.
Title: U.S. Department of Housing and Urban Development loan program
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following, as applicable, the cost principles contained in the Uniform
Guidance, wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: Israel Senior Citizens HDFC has elected not to use the 10-percent de minimis indirect cost rate
allowed under the Uniform Guidance.
Israel Senior Citizens HDFC has received a U.S. Department of Housing and Urban Development
insurance loan under Section 207 of the National Housing Act. The loan balance outstanding at the
beginning of the year is included in the federal expenditures presented in the Schedule. Israel
Senior Citizens HDFC received no additional loans during the year. The balance of the loan
outstanding at June 30, 2024 consists of:
Assistance
Listing Number Program Name
Outstanding Balance
June 30, 2024
14.155
Mortgage Insurance For Purchase or Refinancing of Existing Multifamily Rental Housing: Sections
207/223(f)
$ 69,402,404