Notes to SEFA
Accounting Policies: NOTE ABASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards includes the federal award activity of Casa Casta?er, FHA Project No. 056-EH-032, 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 the Company, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Casa Casta?er, Inc.NOTE BSUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures 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. Casa Casta?er has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.NOTE CU.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAMCasa Casta?er has received a U.S. Department of Housing and Urban Development insured loan under Section 223 (f) of the National Housing Act. The loan balance outstanding at the end of the year is included in the federal expenditures presented in the Schedule. Casa Casta?er received no additional loans during the year. The balance of the loan outstanding at December 31, 2022 consists of:Assistance Listing Number Program Name Outstanding Balance at December 31, 202214.155 Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects $1,419,770
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.