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 Middlesex Borough Senior Citizens Housing Corporation (the Corporation) and is presented on the accrual basis of accounting. The information in the 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). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the 2022 basic financial statements.2. Summary of Significant Accounting Policies Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in Office of Management and Budget Circular A-122, Cost Principles for Nonprofit Organizations, or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
SUPPORTIVE HOUSING FOR THE ELDERLY (14.157) - Balances outstanding at the end of the audit period were 6270600.
Title: U.S. Department of Housing and Urban Development (HUD) Capital Advance
Accounting Policies: 1. Basis of Presentation The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Middlesex Borough Senior Citizens Housing Corporation (the Corporation) and is presented on the accrual basis of accounting. The information in the 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). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the 2022 basic financial statements.2. Summary of Significant Accounting Policies Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in Office of Management and Budget Circular A-122, Cost Principles for Nonprofit Organizations, or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Corporation has received a HUD Capital Advance under Section 202 of the National HousingAct (Capital Advances). All Capital Advances made to the Corporation are included in the federalexpenditures presented in the Schedule. The capital advance balance at the beginning of theyear is included in the federal expenditures presented in the Schedule. This is also the balance atDecember 31, 2022. The Corporation received no additional Capital Advances during the year endedDecember 31, 2022. The Corporation received $508,820 in project rental assistance payments undera Project Rental Assistance Contract under the same Assistance Listing Number (14.157), which isseparately presented on the Schedule. The Corporation also received $2,000 in COVID-19 supplementalpayments under a Project Rental Assistance Contract under the same Assistance Listing Number(14.157), which is separately presented on the Schedule.