Notes to SEFA
Title: BASIS OF PRESENTATION
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.
De Minimis Rate Used: N
Rate Explanation: Senior Citizens
Housing Development Fund Corporation of Steuben County has elected not to use the 10-percent de
minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal award activity of
Senior Citizens Housing Development Fund Corporation of Steuben County, operating as Clyde F.
Simon Lakeview Apartments, HUD Project No. 014-11247, 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 (Uniform Guidance). Because the Schedule presents
only a selected portion of the operations of Senior Citizens Housing Development Fund Corporation of
Steuben County, it is not intended to and does not present the financial position, changes in net
assets, or cash flows of Senior Citizens Housing Development Fund Corporation of Steuben County.
Title: U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT REFINANCE LOAN
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.
De Minimis Rate Used: N
Rate Explanation: Senior Citizens
Housing Development Fund Corporation of Steuben County has elected not to use the 10-percent de
minimis indirect cost rate allowed under the Uniform Guidance.
Senior Citizens Housing Development Fund Corporation of Steuben County received a HUD mortgage
insurance for the refinancing of existing multifamily housing projects loan under section 207 of the
National Housing Act. The loan balance outstanding at the beginning of the year is included in the
federal expenditures presented in the Schedule. Senior Citizens Housing Development Fund
Corporation of Steuben County received no additional loans during the year. The balance of the loan
outstanding at March 31, 2023 was $6,269,899.