Notes to SEFA
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: Farmingdale Housing Development Fund Company, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Farmingdale Housing Development Fund Company, Inc., HUD Project Number 012 EH 288, 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 Farmingdale Housing Development Fund Company, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Farmingdale Housing Development Fund Company, Inc.
Title: U.S. Department of Housing and Urban Development 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: Farmingdale Housing Development Fund Company, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Farmingdale Housing Development Fund Company, Inc. has received a U.S. Department ofHousing and Urban Development direct loan under Section 202 of the National Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Farmingdale Housing Development Fund Company, Inc. received no additional loans during the year. The balance of the loan outstanding at September 30, 2022 consists of: Federal Assistance Listing Number-14.157. Program Name: Section 202 Supportive Housing for the Elderly. Outstanding Balance at September 30, 2022: $983,408