Notes to SEFA
MORTGAGE INSURANCE FOR THE PURPOSE OF REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS (14.155) - Balances outstanding at the end of the audit period were 2933767.
The accompanying schedule of expenditures of federal awards presents the activity of federal award programs of Royal Gardens Housing Development Fund Company, Inc., Project No. 014-11178. The schedule includes expenditures of federal programs received directly from federal agencies. Indirect costs may be included in the reported expenditures to the extent that they are included in the federal financial reports used as the source for the data presented. The de minimis election allows the Organization to allocate 10% of indirect costs to grants with periods ending on or before September 30, 2024 and 15% of indirect costs to grants with periods after September 30, 2024. The Organization has elected not to use the applicable de minimis indirect cost rate as allowed under the Uniform Guidance. Matching costs (the Organization’s share of certain program costs) are not included in the reported expenditures.
The accompanying schedule of expenditures of federal awards is presented on the accrual basis of accounting and 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).