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 federal grant awards of Peninsula Housing Development, Inc., XVIII Golf View Apartments, HUD Project No 066-EE121-WAH (“Peninsula XVIII”). The Schedule presents only a selected portion of the operations of Peninsula XVIII, 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 XVIII was financed by a mortgage note (capital advances) from HUD under Section 202 of the Housing Act of 1959. The capital advance balance outstanding at the beginning of the year was $7,083,300 and the Organization did not receive additional advances or loans 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.
There were no other audits performed by federal grantor agencies or by sub-grantor organizations of Peninsula XVIII’s administration of federal financial assistance programs in the fiscal year .