Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS HAS BEEN PREPARED ON THE ACCRUAL BASIS OF ACCOUNTING. REVENUES WERE ADJUSTED TO BALANCE THE EXPENDITURES INCURRED FOR EACH PROJECT.
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 2400800.
Title: COMPLIANCE TEST
Accounting Policies: THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS HAS BEEN PREPARED ON THE ACCRUAL BASIS OF ACCOUNTING. REVENUES WERE ADJUSTED TO BALANCE THE EXPENDITURES INCURRED FOR EACH PROJECT.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
AN EXTENSIVE COMPLIANCE TEST, AS REQUIRED BY TITLE 2 U.S. CODE OF FEDERAL REGULATIONS (CFR) PART 200, UNIFORM ADMINISTRATIVE REQUIREMENTS, COST PRINCIPLES, AND AUDIT REQUIREMENTS FOR FEDERAL AWARDS (UNIFORM GUIDANCE), WAS PERFORMED ON THE SUPPORTIVE HOUSING FOR THE ELEDERLY SECTION 202 PROGRAM, WHICH REPRESENTS 100% OF THE TOTAL EXPENDITURES REFLECTED ON THE SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE. THE 20% OF COVERAGE TEST FOR A LOW RISK AUDITEE WAS SATISFIED AS FOLLOWS: SUPPORTIVE HOUSING FOR THE ELDERLY SECTION 202 - CAPITAL ADVANCE 14.157 $2,400,800, SUPPORTIVE HOUSING FOR THE ELDERLY SECTION 202 - PRAC 14.157 $144,954, SUPPORTIVE HOUSING FOR THE ELDERLY SECTION 202 - PRAC SPECIAL CLAIMS 14.157 $1,263 TOTALS $2,547,017 TIMES 20% EQUALS $509,403 MINIMUM AMOUNT WHICH MUST BE TESTED.