Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in the Uniform Guidance, wherein certain types of expendituresare not allowable or are limited as to reimbursement. Northampton United Methodist Housing Corporation haselected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.The amount reported for the capital advance program was the beginning of the year balance, the balance at theend of the year did not change.
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 2595800.
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in the Uniform Guidance, wherein certain types of expendituresare not allowable or are limited as to reimbursement. Northampton United Methodist Housing Corporation haselected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.The amount reported for the capital advance program was the beginning of the year balance, the balance at theend of the year did not change.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards includes the federal award activity of Northampton United Methodist Housing Corporation, HUD Project No. 051-EE057, and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Codeof Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), and/or OMB Circular A-122, Cost Principles for Non-Profit Organizations, as applicable. Because the Schedule presents only a selected portion of the operations of Northampton UnitedMethodist Housing Corporation, it is not intended to and does not present the financial position, change in net assets, or cash flows of Northampton United Methodist Housing Corporation.