Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: 1. Basis of Presentation of the Schedule of Expenditures of Federal Awards (the Schedule)The accompanying schedule of expenditures of federal awards (the Schedule) includes the federalaward activity of Aster, Inc. under programs of the federal government for the year endedDecember 31, 2022. The information in this Schedule is presented in accordance with therequirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).Because the Schedule presents only a selected portion of the operations of Aster, Inc., it is notintended to and does not present the financial position, changes in net assets, functional expenses,or cash flows of Aster, Inc. All identified federal source funding received by Aster, Inc. is included inthe Schedule. All federal awards are identified by the Assistance Listing (AL) number.2. Definition of a Major ProgramAster, Inc. was awarded a capital advance in the amount of $5,166,900 from the United StatesDepartment of Housing and Urban Development (HUD) in 2008 under Section 202 of the NationalAffordable Housing Act of 1959. The capital advance qualifies as a major program due to continuingcompliance requirements associated with this unamortizable mortgage. Also included in this majorprogram is the HUD project rental assistance award.3. Summary of Significant Accounting PoliciesExcept as indicated otherwise, the following basis of presentation applies to all activity reported inthe Schedule. Expenditures are reported on the accrual basis after all year end audit adjustments.Expenditures are reported up to the amount of the grant award. Expenditures in a program whichare not covered by the federal award are not included. Determination of the amount of federalawards expended for the Section 202 Capital Advance program is based on the December 31,2022 balance of capital advances granted in current and prior years.Aster, Inc. has elected to use the 10 percent de minimis indirect cost rate as allowed under theUniform Guidance; however, the award agreements with HUD do not include an indirect costreimbursement. There were no indirect costs changed to the federal award programs for the yearended December 31, 2022.4. SubrecipientsThere were no federal awards passed through to subrecipients.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
SUPPORTIVE HOUSING FOR THE ELDERLY (14.157) - Balances outstanding at the end of the audit period were 5166900.