Notes to SEFA
Title: Reporting Entity
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting, which is described in Note 1 to the Organization’s financial statements.
De Minimis Rate Used: N
Rate Explanation: The Organization did not elect to use the 10% de minimis indirect cost rate.
The accompanying schedule of expenditures of federal awards presents the activity of all federal financial assistance programs of the Organization. The reporting entity is defined in Note 1 to the Organization’s financial statements. Federal financial assistance received directly from HUD as well as loan programs under Section 202 of the Housing Act of 1959. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
Title: Supportive Housing for the Elderly
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting, which is described in Note 1 to the Organization’s financial statements.
De Minimis Rate Used: N
Rate Explanation: The Organization did not elect to use the 10% de minimis indirect cost rate.
HUD provided the Organization a Capital Advance under Section 202 of the Housing Act of 1959 in the amount of $4,488,419 . The advance is secured by the property, bears no interest, and is repayable only if the properties do not remain available for low-income, eligible individuals and families as
approved by HUD for at least 40 years. The Capital Advance matures February 8, 2051, at which time the debt will be deemed to be paid and discharged. No new loan was issued during the year. The balance of the loan was $4,488,419 for the year ended December 31, 2024.