Notes to SEFA
Title: Mortgage Payable
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of PCCOA Housing Authority, Inc. - Park View Terrace Apartments 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the financial statements
De Minimis Rate Used: N
Rate Explanation: N/A
The Authority has received a U.S. Department of Housing and Urban Development direct loan under Section 223(f) of the National Housing Act. The loan balance outstanding at the beginning of the year is included in federal expenditures in the above schedule. The Authority received no additional loans during the year. The balance of the mortgage payable at September 30, 2023 is $1,415,994.