Notes to SEFA
Title: U.S. Department of Housing and Urban Development loan program
Accounting Policies: The accompanying schedule of expenditures of federal awards ("Schedule") includes the federal award activity of Leeway-Welton Housing Corporation, HUD Project No. 017-HD041, under programs of the federal government for the year ended September 30, 2022. 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 Leeway-Welton Housing Corporation, it is not intended to anddoes not present the financial position, changes in net assets, or cash flows of Leeway-Welton Housing Corporation. For the year ended September 30, 2022, no awards were passed through to subrecipients.
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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Leeway-Welton Housing Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Leeway-Welton Housing Corporation has received a U.S. Department of Housing and UrbanDevelopment direct loan under Section 811 of the National Affordable Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Leeway-Welton Housing Corporation received no additional loans during the year. The balance of the loan outstanding at September 30, 2022 consists of: Federal Assistance Listing Number: 14.181; Program Name: Supportive Housing for Persons with Disabilities (Section 811); Outstanding balance at September 30, 2022: $1,515,800