Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: (1)BASIS OF PRESENTATION - The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Bloomfield Senior Citizens Housing Corporation - Felicity Tower under programs of the federal government for the year ended December 31, 2022, 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 Bloomfield Senior Citizens Housing Corporation - Felicity Tower, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Bloomfield Senior Citizens Housing Corporation - Felicity Tower.(2)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 allowable or are limited as to reimbursement. Bloomfield Senior Citizens Housing Corporation - Felicity Tower has not elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. (3)NON-CASH EXPENDITURES - The Organization has an agreement with the U.S. Department of Housing and Urban Development (HUD) Section 236 Interest Reduction Program for an interest subsidy on its first mortgage. These interest payments are received directly by the mortgage company.(4)U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM - Bloomfield Senior Citizens Housing Corporation - Felicity Tower has a U.S. Department of Housing and Urban Development direct loan under Section 223 (f) 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. Bloomfield Senior Citizens Housing Corporation - Felicity Tower received no additional loans during the year.
De Minimis Rate Used: Y
Rate Explanation: Bloomfield Senior Citizens Housing Corporation - Felicity Tower has not elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS (14.155) - Balances outstanding at the end of the audit period were 3318746.