Notes to SEFA
Title: U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT INSURED LOAN PROGRAM
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: Southwest 141 Street Housing Development Fund Company, Inc. has elected not to use the 15% de minimis indirect cost rate as allowed under the Uniform Guidance.
Southwest 141 Street Housing Development Fund Company, Inc. has received a U.S. Department of Housing and Urban Development loan insured under Section 223(f) 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. Southwest 141 Street Housing Development Fund Company, Inc. received no additional loan during the year. The balance of the loan outstanding at December 31, 2024 is $9,391,001.
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: Southwest 141 Street Housing Development Fund Company, Inc. has elected not to use the 15% de minimis indirect cost rate as allowed under the Uniform Guidance.
The schedule of expenditures of federal awards includes the federal award activity of Southwest 141 Street Housing Development Fund Company, Inc., FHA Project # 012-11516, and is presented on the accrual basis of accounting. 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 Southwest 141 Street Housing Development Fund Company, Inc., it is not intended to, and does not, present financial position, changes in net assets or cash flows of Southwest 141 Street Housing Development Fund Company, Inc