Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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. The Corporation has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
SUPPORTIVE HOUSING FOR PERSONS WITH DISABILITIES (14.181) - Balances outstanding at the end of the audit period were 1878600. 3.U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAMThe Corporation has received loans funded by programs of U.S. Department of Housing and Urban Development. The loan balances outstanding at the beginning of the year are included in the federal expenditures presented in the Schedule. Such balances have been included as net assets with donor restrictions in the financial statements of the Corporation as of June 30, 2022 since the likelihood of repayment is remote. The Corporation received no additional loans during the year ended June 30, 2022. The balance of the loans outstanding at June 30, 2022 consists of:CFDA NumberProgram NameOutstanding Balance14.181Supportive Housing for Persons with Disabilities (Section 811) $1,878,600 14.218 Community Development Block Grant 275,000 Total $2,153,600
Title: 1.BASIS OF PRESENTATION
Accounting Policies: 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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. The Corporation has not elected to use the 10-percent de minimis indirect cost rate 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 the federal award activity of CSP Kehillah Housing (the Corporation) and 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 (the Uniform Guidance). Because the Schedule presents only a selected portion of the operations of CSP Kehillah Housing, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Corporation.