Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in OMB Circular A-122, Cost Principles for Nonprofit Organizations, wherein certain types of expenditures are not allowed. Assistance Listing numbers ("AL No.") are provided when available.
De Minimis Rate Used: N
Rate Explanation: The Entity has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
MORTGAGE INSURANCE RENTAL AND COOPERATIVE HOUSING FOR MODERATE INCOME FAMILIES AND ELDERLY, MARKET INTEREST RATE (14.135) - Balances outstanding at the end of the audit period were 12179429.
Title: Basis of presentation
Accounting Policies: Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in OMB Circular A-122, Cost Principles for Nonprofit Organizations, wherein certain types of expenditures are not allowed. Assistance Listing numbers ("AL No.") are provided when available.
De Minimis Rate Used: N
Rate Explanation: The Entity has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the expenditures of Stonegate Housing, Ltd. under programs of the federal government for the year ended December 31, 2022. The information in the 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 (Uniform Guidance). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of the basic financial statements. For purposes of the Schedule, federal awards include all sub awards to the Entity by nonfederal organizations pursuant to federal grants, contract and similar agreements.
Title: U.S. Department of Housing and Urban Development Loan Program
Accounting Policies: Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in OMB Circular A-122, Cost Principles for Nonprofit Organizations, wherein certain types of expenditures are not allowed. Assistance Listing numbers ("AL No.") are provided when available.
De Minimis Rate Used: N
Rate Explanation: The Entity has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Stonegate Housing, Ltd. has received a loan insured by HUD under Section 223(f) of the National Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Stonegate Housing, Ltd. received no additional loans during the year. The balance of the loan outstanding at December 31, 2022 consists of: CFDA Number 14.135 Program Name Mortgage Insurance Rental and Cooperative Housing for Moderate Income Families and Elderly, Market Interest Rate Outstanding Balance at December 31, 2022 $ 12,179,429.