Title: Loan/loan guarantee outstanding balances
Accounting Policies: NOTE A BASIS OF PRESENTATIONThe accompanying Schedules of Expenditures of Federal Awards (the Schedules) include the federal award activity of Rockland Home for the Aged Housing Development Fund Company, Inc (the Project), under programs of the federal government for the years ended June 30, 2022. The information in the Schedules is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedules present only a selected portion of the operations of Rockland Home for the Aged Housing Development Fund Company, Inc, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Rockland Home for the Aged Housing Development Fund Company, Inc.NOTE B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the accompanying Schedule of Expenditures of Federal Awards are reported using 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.
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 6405629.
Title: NOTE D RELATIONSHIP TO THE FINANCIAL STATEMENTS
Accounting Policies: NOTE A BASIS OF PRESENTATIONThe accompanying Schedules of Expenditures of Federal Awards (the Schedules) include the federal award activity of Rockland Home for the Aged Housing Development Fund Company, Inc (the Project), under programs of the federal government for the years ended June 30, 2022. The information in the Schedules is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedules present only a selected portion of the operations of Rockland Home for the Aged Housing Development Fund Company, Inc, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Rockland Home for the Aged Housing Development Fund Company, Inc.NOTE B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the accompanying Schedule of Expenditures of Federal Awards are reported using 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Federal housing assistance revenue presented in the accompanying Schedule of Expenditures of Federal Awards is included in net rental revenue in Rockland Home for the Aged Housing Development Fund Company, Inc's financial statements.
Title: NOTE E MAJOR PROGRAMS
Accounting Policies: NOTE A BASIS OF PRESENTATIONThe accompanying Schedules of Expenditures of Federal Awards (the Schedules) include the federal award activity of Rockland Home for the Aged Housing Development Fund Company, Inc (the Project), under programs of the federal government for the years ended June 30, 2022. The information in the Schedules is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedules present only a selected portion of the operations of Rockland Home for the Aged Housing Development Fund Company, Inc, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Rockland Home for the Aged Housing Development Fund Company, Inc.NOTE B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the accompanying Schedule of Expenditures of Federal Awards are reported using 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The programs tested as major programs in accordance with the requirements of the Uniform Guidance are:Section 223(f) Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects CFDA No. 14.155Section 8 Housing Assistance Payments Program CFDA No. 14.195