Notes to SEFA
Title: U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT INSURED 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: Grand Street Guild East Housing Development Fund Company, Inc. has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Grand Street Guild East Housing Development Fund Company, Inc. received a loan, insured under Section 223(f) of the National Housing Act, in the previous period. The loan balance outstanding at the beginning of the audit period is included in the federal expenditures presented on the schedule. Grand Street Guild East Housing Development Fund Company, Inc. received no additional loans during the year. The balance of the loan outstanding at June 30, 2022 is $51,164,083.
Title: BASIS OF PRESENTATION
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: Grand Street Guild East Housing Development Fund Company, Inc. has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal award activity of Grand Street Guild East Housing Development Fund Company, Inc., FHA # 012-11500, 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"). Because the schedule presents only a selected portion of the operations of Grand Street Guild East Housing Development Fund Company, Inc., it is not intended to, and does not, present the statement of financial position as of June 30, 2022, and the related statements of activities, changes in net assets (deficit), and cash flows of Grand Street Guild East Housing Development Fund Company, Inc.