Notes to SEFA
Title: Basis of Presentation
Accounting Policies: 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 reimbursements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the minimis cost rate.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Urban Communities Preservation Housing Corporation (Raintree Apartments), HUD Project No. 143-11165 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 the Project, it is not intended and does not present the financial position, changes in net assets, or cash flows of the Project.
Title: Loan/Loan Guarantee Outstanding Balances
Accounting Policies: 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 reimbursements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the minimis cost rate.
Mortgage Insurance_Rental Housing (14.134) - Balance outstanding at end of the audit period was $2,132,597.