Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The Schedule of Expenditures of Federal Awards has been prepared on the accrual basis of accounting. Revenues were adjusted to balance the expenditures incurred for each project.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
SUPPORTIVE HOUSING FOR PERSONS WITH DISABILITIES (14.181) - Balances outstanding at the end of the audit period were 777400. HOME INVESTMENT PARTNERSHIPS PROGRAM (14.239) - Balances outstanding at the end of the audit period were 161000.
Title: COMPLIANCE TESTING
Accounting Policies: The Schedule of Expenditures of Federal Awards has been prepared on the accrual basis of accounting. Revenues were adjusted to balance the expenditures incurred for each project.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
An extensive compliance test, as required by Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), was performed on the SUPPORTIVE HOUSING FOR PERSONS WITH DISABILITIES SECTION 811 program, which represents 84% of the total expenditures reflected on the Schedule of Federal Financial Assistance.The 20% of coverage test for a low risk auditee was satisfied as follows: SUPPORTIVE HOUSING FOR PERSONS WITH DISABILITIES SECTION 811 - CAPITAL ADVANCE 14.181 $777,400, SUPPORTIVE HOUSING FOR PERSONS WITH DISABILITIES SECTION 811 - PRAC 14.181 $73,380, HOME INVESTMENT PARTNERSHIP PROGRAM 14.239 $161,000 TOTAL $1,011,780 TIMES 20% EQUALS $202,356 THE MINIMUM AMOUNT WHICH MUST BE TESTED. THE SUPPORTIVE HOUSING FOR PERSONS WITH DISABILITIES SECTION 811 program exceeds $202,356, and, therefore, represents the only program to which the specific compliance requirements must be applied.