Notes to SEFA
Title: Capital Advances
Accounting Policies: The schedule of expenditures of federal awards includes the federal grant activity of Ennio Cerquetti Memorial Development Corporation 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. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The Corporation did not use the 10% de minimis allocation.
The amount of $1,696,049 reported for Assistance Listing Number 14.181 in expendituresrelates to a HUD capital advance. The ending balance of this advance is $1,696,049 atDecember 31, 2022.