Notes to SEFA
Title: SECTION 811 CAPITAL ADVANCE AND HOME LOANS
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the OMB Circular A-122 andUniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
At December 31, 2022, Azalea Place Non-Profit Housing had the following Section 811 capital advance and HOME Investment Partnerships Program loans which are presented within net assets with donor restrictions. The capital advance and HOME loans are also included in the federal expenditures presented. Program or Cluster Title: Supportive Housing for Persons with Disabilities (Section 811)/ HOME Investment Partnership; Federal ALN: 14.181/14.239; Amount Outstanding: $900,200/$381,000.
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the OMB Circular A-122 andUniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federalaward activity of Azalea Place Non-Profit Housing (the Organization) under programs of federalgovernment for the year ended December 31, 2022. The information in this Schedule is presented inaccordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (UniformGuidance). Because the Schedule presents only a selected portion of the operation of the Organization,it is not intended to and does not present the financial position, changes in net assets (deficit), or cashflows of the Organization.