Notes to SEFA
Title: Note 1 - 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: Providence Atwood Park Housing Development Fund Company, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. All costs are directly allocated.
The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal award activity of Providence Atwood Park Housing Development Fund Company, Inc. under programs of the federal government for the year ended December 31, 2024. 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 Providence Atwood Park 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 Providence Atwood Park Housing Development Fund Company, Inc.
Title: Note 3 - HUD-Insured Mortgages and Capital Advances:
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: Providence Atwood Park Housing Development Fund Company, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. All costs are directly allocated.
The HUD insured mortgages listed above are administered directly by Providence Atwood Park Housing Development Fund Company, Inc., and the balances and transactions relating to these programs are included in Providence Atwood Park Housing Development Fund Company, Inc.'s basic financial statements. The loan amounts outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the schedule. The balance of the loans outstanding at the end of the year were not different, as no re-payments are required.