Notes to SEFA
Title: Loans
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal award activities ofG.I.S. Housing-Hillsborough, Inc. (the Project), HUD Project No. 067-EH228-L8-WPH FL 29-T851-040.The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code ofFederal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance). Because the schedule presents only a selectedportion of the operations of the Project, it is not intended to and does not present the financial position,changes in net assets or cash flows of the Project.Some amounts presented in the schedule may differ from amounts presented or used in the preparationof the financial statements.
De Minimis Rate Used: N
Rate Explanation: The Project did not elect to use the 10% de minimis indirect cost rate allowed by the Uniform Guidance.
The Project had the following loan balances at June 30, 2022: See Notes to the SEFA for chart/table.
Title: Summary of Significant Accounting Policies
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal award activities ofG.I.S. Housing-Hillsborough, Inc. (the Project), HUD Project No. 067-EH228-L8-WPH FL 29-T851-040.The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code ofFederal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance). Because the schedule presents only a selectedportion of the operations of the Project, it is not intended to and does not present the financial position,changes in net assets or cash flows of the Project.Some amounts presented in the schedule may differ from amounts presented or used in the preparationof the financial statements.
De Minimis Rate Used: N
Rate Explanation: The Project did not elect to use the 10% de minimis indirect cost rate allowed by the Uniform Guidance.
Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or limited as to reimbursement.