Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: NOTE B SUMMARY OF SIGNIFICANT 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 allowed or are limited as to reimbursement. The Project did not elect to use the 10% de minimis cost rate as covered in 2 CFR 200.414 Indirect (F&A) costs.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
There were no new additions to the loan in the current year. Interest of $19,924 was incurred and accrued on the Flexible Subsidy Loan during the year ended September 30, 2022. The grantor imposes continuing compliance requirements. The following is a summary of the loan balances as of September 30, 2022: FederalCFDAFederal Program Title Number Amounts Section 202 Direct Loan 14.157 $0, Flexible Subsidy Loan 14.157 $1,992,400 Accrued interest on Flexible Subsidy Loan 14.157 $411,129.
Title: Notes Basis of Presentation
Accounting Policies: NOTE B SUMMARY OF SIGNIFICANT 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 allowed or are limited as to reimbursement. The Project did not elect to use the 10% de minimis cost rate as covered in 2 CFR 200.414 Indirect (F&A) costs.
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 includes the Federal grant activity of Wildwood Lions Limited Dividend Housing Corporation, HUD Project No. 031-SH-025, 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 the Federal Regulations Part 200, Uniform Guidance Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from the amounts presented in, or used in the presentation of, the basic financial statements.