Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of HarvestHills, Inc., HUD Project No. 072-EE116, and is presented on the accrual basis of accounting. Theinformation in this schedule is presented in accordance with the requirements of the Uniform Guidance.Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in thepreparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
SUPPORTIVE HOUSING FOR THE ELDERLY (14.157) - Balances outstanding at the end of the audit period were 2412600.
Title: Non-cash Assistance, Federal Insurance and Loans
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of HarvestHills, Inc., HUD Project No. 072-EE116, and is presented on the accrual basis of accounting. Theinformation in this schedule is presented in accordance with the requirements of the Uniform Guidance.Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in thepreparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
There was no non-cash assistance received and there was no federal insurance in effect during year endedDecember 31, 2022. As of the year ended December 31, 2022, Harvest Hills, Inc. had received capitaladvances totaling $2,412,600 from the Department of Housing and Urban Development (section 202) toconstruct its facility. The capital advance bears no interest and repayment is not required as long as thehousing remains available for low-income elderly persons for not less than 40 years. The balance atDecember 31, 2022 is reflected in the schedule of expenditures of federal awards.
Title: Subrecipients
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of HarvestHills, Inc., HUD Project No. 072-EE116, and is presented on the accrual basis of accounting. Theinformation in this schedule is presented in accordance with the requirements of the Uniform Guidance.Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in thepreparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
There were no amounts passed through to subrecipients during the year ended December 31, 2022.