Notes to SEFA
Title: U.S. Department of Housing and Urban Development Loan Program
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal award activity of Filomena Gardens Housing Development Fund Company, Inc., HUD Project No. 012-EE-190 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 Filomena Gardens 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 Filomena Gardens Housing Development Fund Company, Inc.
De Minimis Rate Used: N
Rate Explanation: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursements. Filomena Gardens Housing Development Fund Company, Inc. has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Filomena Gardens Housing Development Fund Company, Inc. has received a U.S. Department of Housing and Urban Development direct loan under Section 202 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. Filomena Gardens Housing Development Fund Company, Inc. received no additional loans during the year. The balance of the loan outstanding at December 31, 2022 consisted of: Outstanding balance CFDA Number Program Nameat December 31, 2022 14.157Section 202 Direct loan$7,646,900