Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS HAS BEEN PREPARED ON THE ACCRUAL BASIS OF ACCOUNTING. REVENUES WERE ADJUSTED TO BALANCE THE EXPENDITURES INCURRED FOR EACH PROJECT.
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 2452900. HOME INVESTMENT PARTNERSHIPS PROGRAM (14.239) - Balances outstanding at the end of the audit period were 92208.
Title: COMPLIANCE TESTING
Accounting Policies: THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS HAS BEEN PREPARED ON THE ACCRUAL BASIS OF ACCOUNTING. REVENUES WERE ADJUSTED TO BALANCE THE EXPENDITURES INCURRED FOR EACH PROJECT.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
AN EXTENSIVE COMPLIANCE TEST, AS REQUIRED BY THE SINGLE AUDIT ACT OF 1996, WAS PERFORMED ON THE SUPPORTIVE HOUSING FOR THE ELDERLY SECTION 2020 PROGRAM, WHICH REPRESENTS 97% OF THE TOTAL EXPENDITURES REFLECTED ON THE SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE. THE 20% OF COVERAGE TEST FOR A LOW RISK AUDITEE WAS SATISFIED AS FOLLOWS: SUPPORTIVE HOUSING FOR THE ELDERLY SECTION 2020 - CAPITAL ADVANCE 14.157 $2,452,900; SUPPORTIVE HOUSING FOR THE ELDERLY SECTION 2020 - PRAC 14.157 $166,051; SUPPORTIVE HOUSING FOR THE ELDERLY SECTION 202 - PRAC SPECIAL CLAIMS 14.157 $2,050; HOME INVESTMENT PARTNERSHIP PROGRAM 14.239 $92,208 TOTALS $2,713,209 TIMES 20% EQUALS $542,642. THE SUPPORTIVE HOUSING FOR THE ELDERLY SECTION 2020 PROGRAM EXCEEDS $542,642, AND, THEREFORE, REPRESENTS THE ONLY PROGRAM TO WHICH THE SPECIFIC COMPLIANCE REQUIREMENTS MUST BE APPLIED.