Notes to SEFA
Title: EXTENSIVE COMPLIANCE TEST
Accounting Policies: The Schedule of Expenditures of Federal Awards has been prepared on the accrual basis of accounting. Revenues were adjusted to balance the expenditures incurred for each project.
De Minimis Rate Used: N
Rate Explanation: The Project did not elect to use the 10% de minimis indirect cost rate permitted by the Uniform Guidance
An extensive compliance test, as required by Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), was performed on the Mortgage Insurance for the Purchase or Refinancing of Existing Multi-Family Housing Projects program, which represents 89% of the total expenditures reflected on the Schedule of Federal Financial Assistance. The 20% of coverage test for an auditee that is low risk was satisfied as follows: Mortgage Insurance for the Purchase or Refinancing of Existing Multi-Family Housing Projects 14.155 $2,347,195; Section 8 Housing Assistance Payments 14.195 $280,784; Section 8 Housing Assistance Payments - Special Claims 14.195 $2,051 totals $2,630,030 times 20% equals $526,006 the minimum amount which must be tested. The Mortgage Insurance for the Purchase or Refinancing of Existing Multi-Family Housing Projects Program exceeds $526,006, and, therefore, represents the only program to which the specific compliance requirements must be applied.
Title: OUTSTANDING LOAN BALANCE
Accounting Policies: The Schedule of Expenditures of Federal Awards has been prepared on the accrual basis of accounting. Revenues were adjusted to balance the expenditures incurred for each project.
De Minimis Rate Used: N
Rate Explanation: The Project did not elect to use the 10% de minimis indirect cost rate permitted by the Uniform Guidance
The Mortgage Insurance for the Purchase or Refinancing of Existing Multi-Family Housing Projects program outstanding loan balance as of June 30, 2023 is $2,268,059