Notes to SEFA
Title: COMPLIANCE REQUIREMENTS
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 to reimbursement. Saint Joseph Housing Corporation has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Saint Joseph Housing Corporation is required to follow the program requirements of HUD Program Section 202 - Supportive Housing for the Elderly, Assistance Listing Number 14.157 per the Use Agreement.
Title: FEDERALLY-INSURED MORTGAGE
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 to reimbursement. Saint Joseph Housing Corporation has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Saint Joseph Housing Corporation has received a U.S. Department of Housing and Urban Development insured mortgage for the refinancing of the existing multifamily housing project under Section 207/223(f) of the National Housing Act. The mortgage balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Saint Joseph Housing Corporation received no additional mortgages during the year. The balance of the outstanding federally-insured mortgage at September 30, 2022 is $4,310,393.
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 allowed or are limited to reimbursement. Saint Joseph Housing Corporation has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform 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 federal award activity of Saint Joseph Housing Corporation under programs of the federal government for the year ended September 30, 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 Saint Joseph Housing Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Saint Joseph Housing Corporation.