Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards includes the federal grant activity of A. Kornegay Senior Houses Housing Development Fund Corporation 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 (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
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 11562900.
Title: Capital Advance
Accounting Policies: BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards includes the federal grant activity of A. Kornegay Senior Houses Housing Development Fund Corporation 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 (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT - CAPITAL ADVANCEIn August 2002, the Project entered into a Capital Advance/Building Loan Agreement under Section 202 of the National Housing Act of 1959 for the development of housing serving the elderly households. The advanced to the Project was for $11,562,900. The advance need not be repaid so long as the housing remains available to elderly persons through July 2046.