Audit 40437

Title: Loan/loan guarantee outstanding balances Accounting Policies: NOTES TO THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDSFOR THE YEAR ENDED SEPTEMBER 30, 2022NOTE (1) GENERALThe accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal award activity of Egida Hogar Presby, Inc., HUD Project No. 056-EE-026. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance, Audits of States, Local Governments, and Non-Profit Organizations. Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the financial statements. The Project reporting entity is defined in Note 1 in the Notes to the Financial Statements on pages 9 through 14. All federal awards received passed-through other government agencies, if any, are included on the Schedule.NOTE (2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESThis schedule is prepared from project's accounting records and is not intended to present financial position or the results of operations. The financial transactions are recorded by the Project in accordance with the terms and conditions of the grants, which are consistent with US GAAP. Expenditures are recognized in the accounting period in which the liability is incurred, if measurable or when actually paid, whichever occurs first.The Project has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.NOTE (3) CFDA NUMBERThe CFDA number included in this Schedule were determined based on the program name, review of grant contract information and the Office of Management and Budget's Catalog of Federal Domestic Assistance.NOTE (4) GENERAL OBJECTIVESSupportive Housing for the Elderly - Section 202 (CFDA #14.157)The amount of expenditures presented in the Schedule represent the capital advance paid as of September 30, 2022 by the U.S. Office of Housing, Department of Housing and Urban Development (HUD) for the construction of housing for very low income households having at least one person age 62 or older.Federal Grantor / Pass-Through GrantorU.S. Office of Housing, Department of Housing and Urban Development (HUD).AuthorizationThis program is authorized under Section 202 of the Housing Act of 1959, as amended, which is codified at 12 USC 1701q. Implementing regulations for this program are 24 CFR part 891, subparts A, B, and D.ObjectivesTo provide Federal Capital Advances and project rental housing assistance under Section 202 of the National Housing Act of 1959 for development of housing projects serving elderly households.Types of AssistanceDirect Loans.Uses and Use RestrictionsLoans can be used to construct, or to purchase and substantially rehabilitate rental or cooperative housing or to develop manufactured housing projects. Housing as a general rule will consist of multi-units with two or more family units and any appropriately related facilities. Funds may also be used to provide approved recreational and service facilities appropriate for use in connection with the housing and to buy and improve the land on which the buildings are to be located. Loans may not be made for nursing, special care, or institutional-type homes.NOTE (5) MAJOR PROGRAMSMajor programs are identified in the Summary of Auditor Results Section of the Schedule of Findings and Questioned Costs on Pages 33 to 34. 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 1399910.