Notes to SEFA
Title: Loan/loan guarantee oustanding balances
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: The auditee did not use the de minimis cost rate.
Mortgage insurance for the purchase of refinancing of existing multifamily housing projects (14.155) - Balances outstanding at the end of the audit period were $XX.
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: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Upper Room Housing Corporation T/A Allen House under programs of the federal government for the year ended December 31, 2023. 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 Upper Room Housing Corporation T/A Allen House, it is not intended to, and does not, present the financial position, changes in net assets, or cash flows of Upper Room Housing Corporation T/A Allen House. The loan balance outstanding as of December 31, 2023 is $6,236,267. Upper Room Housing Corporation T/A Allen House received no additional loans during the year. There were no awards passed through to subrecipients.