Notes to SEFA
Title: NOTE C - U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT CAPITAL ADVANCE
Accounting Policies: NOTE A - BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards includes the federal award activity of SeniorCitizens Housing Development Fund Corporation of Steuben County Two, Inc., HUD Project No. 014-EE043, and is presented on the accrual basis of accounting. The information in this schedule is presentedin accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (UniformGuidance). Because the Schedule presents only a selected portion of the operations of Senior CitizensHousing Development Fund Corporation of Steuben County Two, Inc., it is not intended to and does notpresent the financial position, changes in net assets, or cash flows of Senior Citizens Housing DevelopmentFund Corporation of Steuben County Two, Inc.NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expendituresare recognized following the cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Senior Citizens Housing DevelopmentFund Corporation of Steuben County Two, Inc. has elected not to use the 10-percent de minimis indirectcost rate allowed under the Uniform Guidance.
Senior Citizens Housing Development Fund Corporation of Steuben County Two, Inc. has received a HUD capital advance under Section 202 of the National Housing Act. The capital advance balance outstanding at the beginning of the year is included in the federal expenditures presented in the schedule. Senior Citizens Housing Development Fund Corporation of Steuben County Two, Inc. received no additional loans during the year. The balance of the capital advance outstanding as of March 31, 2022 was $2,695,400.