Notes to SEFA
Title: EXTENSIVE COMPLIANCE TEST
Accounting Policies: THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS HAS BEEN PREPARED ON THE ACCRUAL BASIS OF ACCOUNTING. REVENUESWERE ADJUSTED TO BALANCE THE EXPENDITURES INCURRED FOR EACH PROJECT.
De Minimis Rate Used: N
Rate Explanation: THE PROJECT DID NOT ELECT TO USE THE 10% DE MINIMIS INDIRECT COST RATE PERMITTED BY THE UNIFORM GUIDANCE.
An extensive compliance test, as required by Title 2 US Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), was performed on the Supportive Housing for the Elderly Section 202 program, which represents 100% of the total expenditures reflected on the Schedule of Federal Financial Assistance. The 20% of coverage test for a low risk auditee was satisfied as follows: Supportive Housing for the Elderly Section 202 - Capital Advance 14.157 $908,800; Supportive Housing for the Elderly Section 202 - PRAC 14.157 $62,886 Minimum Amount Which Must Be Tested $971,686 times 20% totals $194,337. The Supportive Housing for the Elderly Section 202 program exceeds $194,337, and, therefore, represents the only program to which thespecific compliance requirements must be applied.
Title: OUTSTANDING LOAN BALANCE
Accounting Policies: THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS HAS BEEN PREPARED ON THE ACCRUAL BASIS OF ACCOUNTING. REVENUESWERE ADJUSTED TO BALANCE THE EXPENDITURES INCURRED FOR EACH PROJECT.
De Minimis Rate Used: N
Rate Explanation: THE PROJECT DID NOT ELECT TO USE THE 10% DE MINIMIS INDIRECT COST RATE PERMITTED BY THE UNIFORM GUIDANCE.
The $908,800 of the Supportive Housing for the Elderly Section 202 program represents the outstanding loan balance as of December 31,2024.