Notes to SEFA
Title: Note 2- Loan Outstanding
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal granting activity of Regional Housing Corporation HUD Project 083-11107 (Riverview) 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 (CFR) Part 200, Uniform Administrative Requirements, Cost
Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the basic financial
statements.
De Minimis Rate Used: N
Rate Explanation: Riverview elected to not use the 10% de minimis indirect cost rate as covered in section 200.414 of the Uniform Guidance for Federal Awards. Instead of electing a 10% de minimis indirect cost rate, Riverview
has a HUD-approved management agreement allowing a percent of defined gross revenues or per unit per month fee to cover administrative fees as set forth in the agreement.
The accompanying schedule of expenditures of federal awards includes loan balance outstanding at July 01, 2022 of $700,046. During the year ended June 30, 2023, principal payments of $19,067 were paid on the loan. At June 30, 2023, the loan balance outstanding is $680,979.