Notes to SEFA
Title: U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM
Accounting Policies: (1)Basis of Presentation The accompanying supplementary information presents the activities in all federal, state and city awards programs of COMHAR, Inc. and Affiliates (the Group). All awards received directly from federal, state or city agencies as well as awards passed through other governmental agencies are presented on the schedule of expenditures of federal, state and city awards.(2)Basis of Accounting The accompanying supplementary information is presented on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP).(3)Relationship to Basic Financial Statements Federal, state and city awards expenditures are reported as program services. In certain programs, the expenditures reported in the basic consolidated financial statements may differ from expenditures reported in the schedule of expenditures of federal, state and city awards due to presentation differences for nongrant sources which provided support for the programs.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Group has received U.S. Department of Housing and Urban Development direct loans. The loan balance outstanding at the beginning of the year is included in the consolidated schedule of expenditures of federal, state and city awards. The Group received no additional loans during the year. The activity of the loans during the year ended June 30, 2022 is as follows: CFDA Balance at Balance at Program Name Number June 30, 2021 Payments June 30, 2022 COMHAR Sircl Project Section 202 Loan14.157 $100,715 $(34,928) $65,787 Lehigh Apartments Project Section 202 Loan14.157 159,210 (45,800) 113,410 COMHAR Residential Corp Section 202 Loan14.157 531,106 (30,070) 501,036 MH Residences, Inc. Section 202 Loan14.157 320,625 (22,241) 298,384 MR Residences, Inc. Section 202 Loan14.157 115,176 (16,432) 98,744 $1,226,832 $(149,471) $1,077,361