Notes to SEFA
Title: U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM:
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. Mountain Terrace, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed by the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Mountain Terrace, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed by the Uniform Guidance.
Mountain Terrace, Inc. has received a U.S. Department of Housing and Urban Development direct loan under Section 202 of the National Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Mountain Terrace, Inc. received no additional loans during the year. The balance of the loan outstanding at September 30, 2024 consists of: 14.157 Supportive Housing for the Elderly $653,621.