Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: NOTE A: BASIS OF PRESENTATION: The accompanying schedule of expenditures of federal awards includes the federal award activity of Senior Citizens Housing Development Corporation of Sullivan County, Inc., HUD Project No. 024-EE013-WAH, and is presented on the accrual basis of accounting. The information in this schedule ispresented 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 ofSenior Citizens Housing Development Corporation of Sullivan County, Inc., it is not intended to anddoes not present the financial position, changes in net assets, or cash flows of Senior Citizens HousingDevelopment Corporation of Sullivan County, Inc.NOTE B: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the Uniform Guidance, whereincertain types of expenditures are not allowable or are limited as to reimbursement. Senior CitizensHousing Development Corporation of Sullivan County, Inc. has elected not to use the 10 percent deminimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
SUPPORTIVE HOUSING FOR THE ELDERLY (14.157) - Balances outstanding at the end of the audit period were 1500000.