Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Leisure Acres Phase II Housing Corporation under programs of the federal government for the year ended December 31, 2022. The information in this schedule is presented in accordance with the requirements of 2 CFR Part 200, Uniform Administrative Requirements, Cost Principals, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Leisure Acres Phase II Housing Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of B'nai B'rith Covenant House of Peoria.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS (14.155) - Balances outstanding at the end of the audit period were 5009321.
Title: NONMONETARY ASSISTANCE
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Leisure Acres Phase II Housing Corporation under programs of the federal government for the year ended December 31, 2022. The information in this schedule is presented in accordance with the requirements of 2 CFR Part 200, Uniform Administrative Requirements, Cost Principals, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Leisure Acres Phase II Housing Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of B'nai B'rith Covenant House of Peoria.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The project did not receive any federal awards in the form of noncash assistance for insurance in effect during the year. In addition, the Project did not pass through any federal grants to subrecipients.