Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: NOTE A BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grantactivity of the Property, under programs of the federal government for the year ended December 31,2022. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S.Code of Federal Regulations Part 200, Uniform Administration Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selectedportion of the operations of the Property, it is not intended to and does not present the financial position,change in net positions, or cash flows of the Property.NOTE B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in Uniform Guidance, whereincertain types of expenditures are not allowable or are limited as to reimbursement.(2) Pass-through entity identifying numbers are presented where available.(3) The Authority has not elected to use the 10 percent de minimis indirect cost rate as allowed underthe Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
HOME INVESTMENT PARTNERSHIPS PROGRAM (14.239) - Balances outstanding at the end of the audit period were 120000.
Title: NOTE D CAPITAL ADVANCE
Accounting Policies: NOTE A BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grantactivity of the Property, under programs of the federal government for the year ended December 31,2022. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S.Code of Federal Regulations Part 200, Uniform Administration Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selectedportion of the operations of the Property, it is not intended to and does not present the financial position,change in net positions, or cash flows of the Property.NOTE B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in Uniform Guidance, whereincertain types of expenditures are not allowable or are limited as to reimbursement.(2) Pass-through entity identifying numbers are presented where available.(3) The Authority has not elected to use the 10 percent de minimis indirect cost rate as allowed underthe Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Property has received a HUD capital advance under section 811 of the National Housing Act. The capital advance outstanding at the beginning of the year is included in the federal expenditures presented in the schedule. The Property received no additional capital advances during the year.
Title: NOTE E PROGRAM COST
Accounting Policies: NOTE A BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grantactivity of the Property, under programs of the federal government for the year ended December 31,2022. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S.Code of Federal Regulations Part 200, Uniform Administration Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selectedportion of the operations of the Property, it is not intended to and does not present the financial position,change in net positions, or cash flows of the Property.NOTE B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in Uniform Guidance, whereincertain types of expenditures are not allowable or are limited as to reimbursement.(2) Pass-through entity identifying numbers are presented where available.(3) The Authority has not elected to use the 10 percent de minimis indirect cost rate as allowed underthe Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The amounts presented as federal expenditures represent only the federal portion of the actual program costs. Actual program costs, including the Propertys portion, may be more than is shown on the schedule.