Notes to SEFA
Title: MORTGAGE LOAN
Accounting Policies: BASIS OF PRESENTATIONThe accompanying Schedule of Expenditures of Federal Awards is presented using the accrualbasis of accounting. Such expenditures are recognized following the cost principles contained inthe Uniform Guidance and OMB Circular A-122, Cost Principles for Non-profit Organizations, asapplicable, wherein certain types of expenditures are not allowable or are limited as toreimbursement.The Organization does not recover its indirect cost using the 10% de minimis indirect costprovided under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Peninsula II was financed by a mortgage note from HUD under Section 202 of the Housing Act of1959. The loan balance outstanding at the beginning of the year was $2,211,346 and theOrganization did not receive additional loans during the year. The amount shown represents thecurrent balance owed.All Federal grant operations of the Organization are presented in accordance with therequirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (UniformGuidance).
Title: GENERAL
Accounting Policies: BASIS OF PRESENTATIONThe accompanying Schedule of Expenditures of Federal Awards is presented using the accrualbasis of accounting. Such expenditures are recognized following the cost principles contained inthe Uniform Guidance and OMB Circular A-122, Cost Principles for Non-profit Organizations, asapplicable, wherein certain types of expenditures are not allowable or are limited as toreimbursement.The Organization does not recover its indirect cost using the 10% de minimis indirect costprovided under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Schedule of Expenditures of Federal Awards included herein represents the federal awardactivity of Peninsula Housing Development, Inc., II St. Agustin Villas, HUD Project No 066-EH180(Peninsula II). The Schedule presents only a selected portion of the operations of Peninsula II,and therefore, it is not intended to and does not present the financial position, changes in netassets, or cash flows of the Organization.