Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal award activity of Pond Street Housing Development Fund Company, Inc. (Bishop Harrison Apartments), FHA Project No. 014-11248, 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 Bishop Harrison Apartments, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Bishop Harrison Apartments.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS (14.155) - Balances outstanding at the end of the audit period were $1,905,481.
Title: SUBRECIPIENTS
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal award activity of Pond Street Housing Development Fund Company, Inc. (Bishop Harrison Apartments), FHA Project No. 014-11248, 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 Bishop Harrison Apartments, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Bishop Harrison Apartments.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Bishop Harrison Apartments did not pass any federal funds to subrecipients for the year ended March 31, 2022.