Notes to SEFA
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal grant activity of Housing Authority of the City of West Haven d/b/a Savin Rock Communities, under programs of the federal government for the year ended March 31, 2025. The information in the schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirement, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations of Housing Authority of the City of West Haven d/b/a Savin Rock Communities, it is not intended to and does not present the financial position, changes in net position or cash flows of Housing Authority of the City of West Haven d/b/a Savin Rock Communities.
Expenditures reported on the schedule are reported on the accrual basis of accounting. For cost-reimbursement awards, 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. For performance-based awards, expenditures reported represent amounts earned.
The Housing Authority of the City of West Haven d/b/a Savin Rock Communities has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The loan with Lument Real Estate Capital LLC is insured under Section 221(d)(4) (ALN #14.135 Mortgage Insurance Rental and Cooperative Housing for Moderate Income Families and Elderly, Market Interest Rate). The outstanding loan balance at March 31, 2025 and 2024 was $21,950,564, and $7,366,898, respectively. During the year ended March 31, 2025, loan proceeds of $14,583,666 were advanced.