Title: U.S. Department of Housing and Urban Development loan program
Accounting Policies: The accompanying schedule of expenditures of federal awards ("Schedule") includes the federalaward activity of Trinity Terrace, Inc., HUD Project No. 000-EE054, under programs of the federalgovernment for the year ended June 30, 2022. The information in this Schedule is presented inaccordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards("Uniform Guidance"). Because the Schedule presents only a selected portion of the operations ofTrinity Terrace, Inc., it is not intended to and does not present the financial position, changes in netassets, or cash flows of Trinity Terrace, Inc. For the year ended June 30, 2022, no awards werepassed through to subrecipients. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following, as applicable, the cost principles contained in OMB CircularA-122, "Cost Principles for Non-Profit Organizations" and the cost principles contained in theUniform Guidance, wherein certain types of expenditures are not allowable or are limited as toreimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The balance shown on the schedule of expenditures of federal awards relating to the capital advance consists of $5,800,200 expended in prior years. Section 202 capital advances need not be repaid as long as the owner continues to make the housing available to the low-income elderly for at least 40 years.
Title: HOME Investment Partnerships Program (HOME)
Accounting Policies: The accompanying schedule of expenditures of federal awards ("Schedule") includes the federalaward activity of Trinity Terrace, Inc., HUD Project No. 000-EE054, under programs of the federalgovernment for the year ended June 30, 2022. The information in this Schedule is presented inaccordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards("Uniform Guidance"). Because the Schedule presents only a selected portion of the operations ofTrinity Terrace, Inc., it is not intended to and does not present the financial position, changes in netassets, or cash flows of Trinity Terrace, Inc. For the year ended June 30, 2022, no awards werepassed through to subrecipients. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following, as applicable, the cost principles contained in OMB CircularA-122, "Cost Principles for Non-Profit Organizations" and the cost principles contained in theUniform Guidance, wherein certain types of expenditures are not allowable or are limited as toreimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Trinity Terrace, Inc. has received a Prince George's County, Maryland loan under the HOME Investment Partnerships Program for $340,000. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. The balance of the loan outstanding at June 30, 2022 consists of $275,982. See Notes to SEFA for chert/table.