Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in OMB Circular A-122,Cost Principles for Non-profit Organizations, wherein certain types of expenditures are notallowable or are limited as to reimbursement.South Houston Vista, Inc. has elected not to use the 10 percent de minimus indirect cost rateas allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
SECTION 223(F) MORTGAGE INSURANCE (14.155) - Balances outstanding at the end of the audit period were 1390451.
Title: NOTE 1 - BASIS OF PRESENTATION
Accounting Policies: NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in OMB Circular A-122,Cost Principles for Non-profit Organizations, wherein certain types of expenditures are notallowable or are limited as to reimbursement.South Houston Vista, Inc. has elected not to use the 10 percent de minimus indirect cost rateas allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes thefederal grant activity of South Houston Vista, Inc., HUD Project No. 114-11238, and ispresented on the accrual basis of accounting. The information in the Schedule is presented inaccordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements forFederal Awards (Uniform Guidance). Because the Schedule presents only a selected portionof the operations of South Houston Vista, Inc., it is not intended to and does not present thefinancial position, changes in net assets, or cash flows of South Houston Vista, Inc.
Title: NOTE 3 - MORTGAGE NOTE PAYABLE
Accounting Policies: NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in OMB Circular A-122,Cost Principles for Non-profit Organizations, wherein certain types of expenditures are notallowable or are limited as to reimbursement.South Houston Vista, Inc. has elected not to use the 10 percent de minimus indirect cost rateas allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The outstanding balance of the loan and loan guarantee program at December 31, 2022 withcontinuing compliance requirements which are reported as federal expenditures on theaccompanying schedule of expenditures of federal awards was $1,340,258.