Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: NOTES TO THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDSNOTE A: BASIS OF PRESENTATIONThe accompanying schedule of expenditures of Federal awards includes the Federal award activity of Abram Housing Corporation dba Percy Abrams Jr. Senior Apartments, under programs of the federal government for the year ended September 30, 2022 in accordance with the requirements of Title 2 U.S. code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal awards (Uniform Guidance). Because the schedule presents only selected portion of the operations of Abram Housing Corporation dba Percy Abrams Jr. Senior Apartments, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Abram Housing Corporation dba Percy Abrams Jr. Senior Apartments. NOTE B: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the schedule are 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 allowed or are limited to reimbursements.Abram Housing Corporation dba Percy Abrams Jr. Senior Apartments has elected not to use the 10 percent de minimis indirect cost rate allowed under Uniform Guidance.NOTE C: FEDERAL LOAN PROGRAMSThe federal loan programs listed subsequently are administered directly by Abram Housing Corporation dba Percy Abrams Jr. Senior Apartments and balances and transactions relating to the programs are included in Abram Housing Corporation dba Percy Abrams Jr. Senior Apartments basic financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding as of September 30, 2022 consists of:CFDA Number Program Name Outstanding balance at September 30, 2022 14.157 Supportive Housing for the Elderly(202) $6,210,000
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 6210000.