Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Summary of Significant Accounting PoliciesExpenditures (or tenant assistance payments) reported on the Schedule are reported on the accrual basis of accounting as more fully described in Note 1 to the Project financial statements, as well as in accordance with the Uniform Guidance. 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: 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 6522200.
Title: Supportive Housing for the Elderly
Accounting Policies: Summary of Significant Accounting PoliciesExpenditures (or tenant assistance payments) reported on the Schedule are reported on the accrual basis of accounting as more fully described in Note 1 to the Project financial statements, as well as in accordance with the Uniform Guidance. 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: The auditee did not use the de minimis cost rate.
As of June 30, 2022, the Project has an outstanding balance due to the U.S. Department of Housing and Urban Development in the amount of $6,522,200, which is reported in the financial statements in the line item Capital advance. The federal government imposes continuing compliance requirements under CFDA No. 14.157, Supportive Housing for the Elderly (Section 202), for the balance of the loan. Per Section 200.502 of the Uniform Guidance, the balance of loans or loan guarantee programs with continuing compliance requirements should be shown on the Schedule as of the beginning of the audit period. The July 1, 2021 balance of the loan was $6,522,200.