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 Housing Development Corporation and Affiliates 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 Housing Development Corporation and Affiliates 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 Housing Development Corporation and Affiliates, it is not intended to and does not present the financial position, change in net assets, or cash flows of Providence Housing Development Corporation and Affiliates.
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 Housing Development Corporation and Affiliates 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 Housing Development Corporation and Affiliates, and the balances and transactions relating to these programs are included in Providence Housing Development Corporation and Affiliates' basic financial statements. The loans/capital advance outstanding at the beginning of the year and loans/capital advances made during the year are included in the federal expenditures presented in the schedule. The balance of the loans/capital advances outstanding at December 31, 2024 were:
AL Number Program Name Outstanding Balance
14.239 HOME Investment Partnership Program-Loan $12,066,083
14.157 Supportive Housing for the Elderly-Loan $3,842,700
14.218 Community Development Block Grants $1,050,000
Title: Note 4 - USDA Loan Programs:
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 Housing Development Corporation and Affiliates has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. All costs are directly allocated.
The USDA loan programs listed below are administered directly by Providence Housing Development Corporation and Affiliates, and the balance and transactions relating to these programs are included in Providence Housing Development Corporation and Affiliates' basic financial statements. The loans 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 December 31, 2024 were:
AL Number Program Name Outstanding Balance
10.415 Rural Rental Housing Loans $3,348,341