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: North Dade Senior Citizens Housing Development Corporation, 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 North Dade Senior Citizens Housing Development Corporation, Inc., operating as Robert Sharp Towers I, HUD Project No. 066-11098, and is presented on the accrual basis of accounting. The information in this upper 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 North Dade Senior Citizens Housing Development Corporation, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of North Dade Senior Citizens Housing Development Corporation, Inc.
Title: U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT MORTGAGE
REFINANCE
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: North Dade Senior Citizens Housing Development Corporation, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
North Dade Senior Citizens Housing Development Corporation, Inc. has received a HUD mortgage insurance for the refinancing of existing multifamily housing projects under section 207 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. North Dade Senior Citizens Housing Development Corporation, Inc. received no additional loans during the year. The balance of the loan outstanding as of June 30, 2024 was $2,595,058.