Notes to SEFA
Title: SECTION 202 DIRECT LOAN
Accounting Policies: The schedule of expenditures of federal awards 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 Moogoong Terrace, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Moogoong Terrace, Inc. 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Moogoong Terrace, Inc. has received a U.S. Department of Housing and UrbanDevelopment direct loan under Section 202 of the National Housing Act. The loan balanceoutstanding at the end of the year is included in the federal expenditures presented in the schedule. Moogoong Terrace, Inc. has received no additional loans during the year. The balance of the loan outstanding at December 31, 2022 is $2,793,031.
Title: OTHER
Accounting Policies: The schedule of expenditures of federal awards 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 Moogoong Terrace, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Moogoong Terrace, Inc. 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Moogoong Terrace, Inc. did not receive any federal noncash assistance or provide anyfunding to subrecipients. They also did not receive any federal insurance.