Title: Loans and Loan Guarantees (Loans), Including Interest Subsidy
Accounting Policies: Basis of Presentation - The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Assisi Heights Apartments under programs of the federal government for the year ended December 31, 2022. 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 operation of Assisi Heights Apartments, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Assisi Heights Apartments. Summary of Significant Accounting Policies - (1) 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. (2) Assisi Heights Apartments has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Since the Federal government is at risk for loans until the debt is repaid, federal awards amount expended includes (1) the value of new loans made or received during the audit period; plus (2) the beginning of the audit period balance of loans from previous years for which the Federal government imposes continuing compliance requirements; plus (3) Any interest subsidy, cash, or administrative cost allowance received in accordance with the Uniform Guidance described in 2 CFR section 200.502(b). Assisi Heights Apartments participates in the Rural Rental Housing Loan Program (CFDA 10.415), of which has continuing compliance requirements; therefore, the prior year Rural Development loan balance is included in the Schedule as well as the interest subsidy. The outstanding loan balance as of December 31, 2022 is $1,252,302. See Notes to the Financial Statements No. 4 Mortgage Note Payable - Original Mortgage. Assisi Heights Apartments also has HOME Loan Obligation part of the HOME Affordable Rental Housing Program of which is part of the Community Development Block Grants/State's Program of HUD (CFDA 14.228), and the prior year loan balance is included in the Schedule. The outstanding loan balance as of December 31, 2022 is $287,504. See Notes to the Financial Statements No. 4 Mortgage Note Payable - Second Mortgage.
Title: Subrecipients
Accounting Policies: Basis of Presentation - The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Assisi Heights Apartments under programs of the federal government for the year ended December 31, 2022. 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 operation of Assisi Heights Apartments, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Assisi Heights Apartments. Summary of Significant Accounting Policies - (1) 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. (2) Assisi Heights Apartments has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Assisi Heights Apartments had no subrecipients in 2022.
Title: Relationship to Federal Financial Reports
Accounting Policies: Basis of Presentation - The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Assisi Heights Apartments under programs of the federal government for the year ended December 31, 2022. 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 operation of Assisi Heights Apartments, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Assisi Heights Apartments. Summary of Significant Accounting Policies - (1) 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. (2) Assisi Heights Apartments has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Amounts reported in the accompanying Schedule are in agreement with the amounts reported in the related federal financial reports for the federal award programs.