Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: 2.BASIS OF PRESENTATIONThe accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and OMB Circular A-122, Cost Principles for Non-profit Organizations, as applicable, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Organization does not recover its indirect cost using the 10% de minimis indirect cost provided under the Uniform Guidance.
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 11175500. COMMUNITY DEVELOPMENT BLOCK GRANTS/ENTITLEMENT GRANTS (14.218) - Balances outstanding at the end of the audit period were 261340. HOME INVESTMENT PARTNERSHIPS PROGRAM (14.239) - Balances outstanding at the end of the audit period were 487213. HOME INVESTMENT PARTNERSHIPS PROGRAM (14.239) - Balances outstanding at the end of the audit period were 500000.
Title: GENERAL
Accounting Policies: 2.BASIS OF PRESENTATIONThe accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and OMB Circular A-122, Cost Principles for Non-profit Organizations, as applicable, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Organization does not recover its indirect cost using the 10% de minimis indirect cost provided 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 grant awards of Peninsula Housing Development, Inc. XVII, La Palma Apartments, HUD Project No 066 - EE093-WAH (Peninsula XVII). The Schedule presents only a selected portion of the operations of Peninsula XVII, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
Title: CAPITAL ADVANCE
Accounting Policies: 2.BASIS OF PRESENTATIONThe accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and OMB Circular A-122, Cost Principles for Non-profit Organizations, as applicable, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Organization does not recover its indirect cost using the 10% de minimis indirect cost provided under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Peninsula XVII was financed by a mortgage note (capital advances) from HUD under Section 202 of the Housing Act of 1959 and grant loans passed through local government. The capital advance balance outstanding at the beginning of the year was $11,175,500 and the organization did not receive additional advances or loans during the year. The amounts shown represent the current balances owed as of March 31, 2022. All Federal grant operations of the Organization are 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).
Title: AUDITS PERFORMED BY OTHER ORGANIZATIONS
Accounting Policies: 2.BASIS OF PRESENTATIONThe accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and OMB Circular A-122, Cost Principles for Non-profit Organizations, as applicable, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Organization does not recover its indirect cost using the 10% de minimis indirect cost provided under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
There were no other audits performed by federal grantor agencies or by sub-grantor organizations of Peninsula XVIIs administration of federal financial assistance programs in fiscal year 2022.