Notes to SEFA
Title: SUBRECIPIENTS
Accounting Policies: BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards includes the federal grant activity of HUD Project No. 035-HH002 of Residential Resources, Inc. (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, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: During the year ended June 30, 2023, the Project did not elect to use the de minimis cost rate when allocating indirect costs to its federal program.
During the year ended June 30, 2023, the Project did not provide any funds relating to its federal program to subrecipients.
Title: LOAN AND LOAN GUARANTEE PROGRAMS
Accounting Policies: BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards includes the federal grant activity of HUD Project No. 035-HH002 of Residential Resources, Inc. (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, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: During the year ended June 30, 2023, the Project did not elect to use the de minimis cost rate when allocating indirect costs to its federal program.
As of June 30, 2023, $1,034,600 was outstanding on the federal loan program.