Notes to SEFA
Title: U.S. Department of Housing and Urban Development Loan Program
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 to reimbursement.
De Minimis Rate Used: N
Rate Explanation: For the year ended September 30, 2022, the Project did not elect to use the 10% minimis indirect cost rate allowed in the Uniform Guidance, section 414.
The Project has received a U.S Department of Housing and Urban Development insured loan under Section 231 of the National Housing Act. The loan balance at the beginning of the period is included in the federal expenditures presented in the Schedule. The balance of the loan outstanding under Federal Assistance Listing Number #14.138 is $3,458,907 and $3,530,518 as of September 30, 2022 and 2021, respectfully.