Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: 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. Peninsula III 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.
MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS (14.155) - Balances outstanding at the end of the audit period were 15039147.
Title: GENERAL
Accounting Policies: 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. Peninsula III 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 award activity of Peninsula Housing Development, Inc., III (Peninsula III). The Schedule presents only a selected portion of the operations of Peninsula III. It is not intended to and does not present the financial position, changes in net assets, or cash flows of Peninsula III.
Title: MORTGAGE LOAN
Accounting Policies: 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. Peninsula III 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 III was financed by a mortgage note insured by HUD under Section 223(f) of the Housing Act of 1974. The loan balance outstanding at the beginning of the year was $15,402,493 and the Organization did not receive additional loans during the year. The amount shown represents the current balance owed. 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).