Notes to SEFA
Title: Loan/Loan Guartee Outstanding Balance
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards (the “Schedule”) are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”), wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The Schedule includes the federal award activity of 1347 Morris Avenue Corporation (the
“Entity”) under programs of the federal government for the year ended June 30, 2023. The
information in this Schedule is presented in accordance with the requirements of the Uniform
Guidance. Because the Schedule presents only a selected portion of the operations of the
Entity, it is not intended to and does not present the financial position, change in net assets or
cash flows of the Entity.
De Minimis Rate Used: N
Rate Explanation: The Entity is reimbursed for programmatic and administrative costs in accordance with rules set forth by the U.S. Department of Housing and Urban Development
Federal Assistance Listing Number 14.181 Supportive Housing for Persons with Disabilities 1,518,200
Title: Federal Loan Program
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards (the “Schedule”) are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”), wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The Schedule includes the federal award activity of 1347 Morris Avenue Corporation (the
“Entity”) under programs of the federal government for the year ended June 30, 2023. The
information in this Schedule is presented in accordance with the requirements of the Uniform
Guidance. Because the Schedule presents only a selected portion of the operations of the
Entity, it is not intended to and does not present the financial position, change in net assets or
cash flows of the Entity.
De Minimis Rate Used: N
Rate Explanation: The Entity is reimbursed for programmatic and administrative costs in accordance with rules set forth by the U.S. Department of Housing and Urban Development
The Entity received a U.S. Department of Housing and Urban Development Capital Advance under Section 811 of the National Affordable Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. The Entity received no additional loans during the year