Notes to SEFA
Title: Note 3 - Mortage
Accounting Policies: The schedule of expenditures and federal awards (the “Schedule”) includes the federal award activity of Longfellow
Avenue Housing Development Fund Company, Inc., HUD Project No. 012-11385 under programs of the federal
government for the year ended September 30, 2023. 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 (Uniform Guidance). Because the
Schedule presents only a selected portion of the operations of Longfellow Avenue Housing Development Fund
Company, Inc., it is not intended to and does not present the financial position, changes in net deficit, or cash flows
of Longfellow Avenue Housing Development Fund Company, Inc.
De Minimis Rate Used: N
Rate Explanation: Longfellow Avenue Housing Development Fund Company, Inc. has elected not to use the ten percent de minimis
indirect cost rate as allowed under the Uniform Guidance
Longfellow Avenue Housing Development Fund Company, Inc. has a loan guaranteed by HUD and the outstanding
balance of the loan at September 30, 2023 is $7,786,611.