Notes to SEFA
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 Uniform Guidance, where certain types of expenditures are not allowable or are limited as to reimbursement. Assistance Listing numbers (“AL No.”) are provided when available.
De Minimis Rate Used: N
Rate Explanation: Bernal Heights Housing Corporation did not elect to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal grant and loan activities of Bernal Heights Housing 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 combined financial statements. The purpose of the Schedule is to present a summary of those activities of Bernal Heights Housing Corporation for the year ended December 31, 2022, which have been financed by the U.S. Government. For purposes of the Schedule, federal awards include all federal assistance entered into directly and indirectly between Bernal Heights Housing Corporation and the federal government.
Title: PRIOR YEARS EXPENDITURES
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 Uniform Guidance, where certain types of expenditures are not allowable or are limited as to reimbursement. Assistance Listing numbers (“AL No.”) are provided when available.
De Minimis Rate Used: N
Rate Explanation: Bernal Heights Housing Corporation did not elect to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule includes expenditures from prior years for which continuing compliance is required.
Title: YEAR END LOAN 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 Uniform Guidance, where certain types of expenditures are not allowable or are limited as to reimbursement. Assistance Listing numbers (“AL No.”) are provided when available.
De Minimis Rate Used: N
Rate Explanation: Bernal Heights Housing Corporation did not elect to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Bernal Heights Housing Corporation has received pass-through Department of Housing and Urban Development loans. The loan balances outstanding as of December 31, 2022 are as follows: Community Development Block Grants Program $1,482,798; Housing Opportunities for Persons with AIDS (HOPWA) $2,411,566; HOME Investment Partneship Program $1,643,271; Total $5,537,635