Notes to SEFA
Title: General
Accounting Policies: BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and OMB Circular A-122, Cost Principles for Non-profit Organizations, as applicable, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The Organization does not recover its indirect cost using the 10% de minimis indirect cost provided under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Schedule of Expenditures of Federal Awards included herein represents the entire federal grant awards of Peninsula Housing Development, Inc., IX Princeton Manor Apartments, HUD Project No 066 – EE103-WAH (“Peninsula IX”) over which Peninsula IX exercised direct operating control for the year ended March 31, 2023. The Schedule presents only a selected portion of the operations of Peninsula IX, and it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
Title: Capital Advances
Accounting Policies: BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and OMB Circular A-122, Cost Principles for Non-profit Organizations, as applicable, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The Organization does not recover its indirect cost using the 10% de minimis indirect cost provided under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Peninsula IX was financed by a mortgage note (capital advances) from HUD under Section 202 of the Housing Act of 1959 and loan from the Home Investment Partnership Program from Miami Dade County. The balance outstanding at the beginning of the year was $10,394,101 and no additional loan was received during the year. The amounts shown represent the current balances owed as of March 31, 2023.
All Federal grant operations of the Organization are 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”).
Title: Audits Performed by Other Organizations
Accounting Policies: BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and OMB Circular A-122, Cost Principles for Non-profit Organizations, as applicable, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The Organization does not recover its indirect cost using the 10% de minimis indirect cost provided under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
U.S. Department of Housing and Urban Development (“HUD”) issued an inspection summary report for the property on September 13, 2022. The property received a passing score of 99, and the inspection was deemed successful. All findings noted on the report were corrected and accepted by HUD. There were no additional deficiencies noted in the inspection summary report.