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 to reimbursements.
De Minimis Rate Used: N
Rate Explanation: Brighton Beach Housing Development Fund Company, Inc. 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 (the "Schedule") includes the
federal award activity of Brighton Beach Housing Development Fund Company, Inc., HUD Project
No. 012-11279, 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 Brighton Beach Housing Development Fund Company, Inc., it
is not intended to and does not present the financial position, changes in net assets, or cash flows
of Brighton Beach Housing Development Fund Company, Inc. 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 to reimbursements.
De Minimis Rate Used: N
Rate Explanation: Brighton Beach Housing Development Fund Company, Inc. 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 to reimbursements.
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 to reimbursements.
De Minimis Rate Used: N
Rate Explanation: Brighton Beach Housing Development Fund Company, Inc. has elected not to use the 10-percent
de minimis indirect cost rate allowed under the Uniform Guidance.
Brighton Beach Housing Development Fund Company, Inc. 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 to reimbursements.
De Minimis Rate Used: N
Rate Explanation: Brighton Beach Housing Development Fund Company, Inc. has elected not to use the 10-percent
de minimis indirect cost rate allowed under the Uniform Guidance.
Brighton Beach Housing Development Fund Company, Inc. has received a U.S. Department of Housing and
Urban Development ("HUD") direct loan under Section 207/223(f) 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. Brighton Beach Housing Development Fund Company, Inc. received no
additional loans during the year. The balance of the loan outstanding at June 30, 2024 consists of
the following:
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)
$ 29,247,876
14.155 Mortgage Insurance for Purchase or Refinancing of Existing Multifamily Rental Housing:
Sections 207/223(f)
$ 29,247,876