Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Note B - Summary of Significant Accounting Policies - Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principle contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Project is governed by the rules and regulations of the U.S. Department of Housing and Urban Development (HUD). The use of the 10-percent the minimis indirect cost rate allowed under the Uniform Guidance does not apply.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. The Project is governed by the rules and regulations of the U.S. Department of Housing and Urban Development (HUD). The use of the 10-percent the minimis indirect cost rate allowed under the Uniform Guidance does not apply.
SUPPORTIVE HOUSING FOR THE ELDERLY (14.157) - Balances outstanding at the end of the audit period were $2,896,424. The Project has received a U.S. Department of Housing and Urban Development direct advance capital grant under Section 202 of the National Housing Act. The grant balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. The Project received no additional capital advances during the year.
Title: BASIS OF PRESENTATION
Accounting Policies: Note B - Summary of Significant Accounting Policies - Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principle contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Project is governed by the rules and regulations of the U.S. Department of Housing and Urban Development (HUD). The use of the 10-percent the minimis indirect cost rate allowed under the Uniform Guidance does not apply.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. The Project is governed by the rules and regulations of the U.S. Department of Housing and Urban Development (HUD). The use of the 10-percent the minimis indirect cost rate allowed under the Uniform Guidance does not apply.
The accompanying schedule of expenditures of federal awards includes the federal grants activity of this Project 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 Part 200 Uniform Administrative Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of operations of the Project, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Project.