Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Note 1 - Basis of presentation The accompanying schedule of expenditures of federal awards ("Schedule") includes the federal award activity of Pennley Supportive Housing for the Elderly Inc., HUD Project No. 033-EE-095, under programs of the federal government for the year ended August 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 Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards ("Uniform Guidance"). Because the Schedule presents only a selected portion of the operations of Pennley Supportive Housing for the Elderly Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Pennley Supportive Housing for the Elderly Inc. For the year ended August 31, 2022, no awards were passed through to subrecipients. Note 2 - Summary of significant accounting policies Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in OMB Circular A-122, Cost Principles for Non-Profit Organizations, or the cost principles contained in the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
SUPPORTIVE HOUSING FOR THE ELDERLY (14.157) - Pennley Supportive Housing for the Elderly Inc. has received a U.S. Department of Housing 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. Pennley Supportive Housing for the Elderly Inc. received no additional loans during the year. Balances outstanding at the end of the audit period were 2678400.