Notes to SEFA
Title: BASIS OF PRESENTATION
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.
De Minimis Rate Used: N
Rate Explanation: Bayamón Senior Citizens Housing 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 (Schedule) includes the federal grant activity of Bayamón Senior Citizens Housing Company, Inc., operating as Torre Jesus Sanchez Erazo Apartments, HUD Project RQ46T791003, and is presented on the accrual basis of accounting. 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 Bayamón Senior Citizens Housing Company, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Bayamón Senior Citizens Housing Company, Inc.
Title: U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAMS
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.
De Minimis Rate Used: N
Rate Explanation: Bayamón Senior Citizens Housing Company, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Bayamón Senior Citizens Housing Company, Inc. has received a U.S. Department of Housing and Urban Development direct loan under Section 202 of the National Housing Act and a flexible subsidy loan under Section 201. The loan balances outstanding at the beginning of the year are included in the federal expenditures presented in the Schedule. Bayamón Senior Citizens Housing Company, Inc. received no additional loans during the year. The balance of the Section 202 Supportive Housing for the Elderly loan outstanding as of March 31, 2024 was $0. The balance of the Section 201 Operating Assistance for Troubled Multifamily Housing Projects Flexible Subsidy Loan outstanding as of March 31, 2024 was $370,767.