Notes to SEFA
Title: Loan Programs
Accounting Policies: Expenditures reported on the accompanying schedule are reported on the cash basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein some types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: New Directions Housing Corporation does not use the 10% de minimis indirect cost rate allowed under theUniform Guidance
Balances of mortgages and loans outstanding as of June 30, 2022 are as follows: Mortgage/loan, Federal Assistance Listing Number, Balance: Smoketown Apartments 14.164 $31,821; Jackson Woods Apartments 14.248 $840,000; St. Williams Apartments 14.248 $583,000; Brandeis Apartments 14.248 $105,989; Historic Parkland I 14.248 $80,679; $1,609,668
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the accompanying schedule are reported on the cash basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein some types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: New Directions Housing Corporation does not use the 10% de minimis indirect cost rate allowed under theUniform Guidance
The accompanying schedule of expenditures of federal awards ("schedule") includes the federal grant activity of New Directions Housing Corporation under programs of the federal government for the year ended June 30, 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 AuditRequirements for Federal Awards ("Uniform Guidance"). Because the schedule presents only a selected portion of the operations of New Directions Housing Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of New Directions Housing Corporation.
Title: Multi-family Housing Service Coordinator Program
Accounting Policies: Expenditures reported on the accompanying schedule are reported on the cash basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein some types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: New Directions Housing Corporation does not use the 10% de minimis indirect cost rate allowed under theUniform Guidance
Included in the $37,985 of federal expenditures under the Multi-family Housing Service Coordinator Program (Federal Assistance Listing number 14.191) per the accompanying schedule, is $22,791 of expenditures incurred during the year ended June 30, 2021. During the year ended June 30, 2022, New Directions Housing Corporation was notified that such expenditures would be reimbursed by the grantor.