Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: (1) Expenditures reported on the Schedule are reported 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 allowable or are limited as to reimbursement.(2) Caspian Housing Corporation has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS (14.155) - Balances outstanding at the end of the audit period were $882,180. The Caspian Housing Corporations basic financial statements include a loan obtained from the U.S. Department of Housing and Urban Development under Section 223(f) of the National Housing Act. Loans outstanding at the beginning of the year are included in the federal expenditures presented in the Schedule.
Title: BASIS OF PRESENTATION
Accounting Policies: (1) Expenditures reported on the Schedule are reported 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 allowable or are limited as to reimbursement.(2) Caspian Housing Corporation has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Caspian Housing Corporation under programs of the federal government for the year ended December 31, 2022. The information in this Schedule is presented 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 a selected portion of the operations of Caspian Housing Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Caspian Housing Corporation.