Title: HOME INVESTMENT PARTNERSHIP PROGRAM BALANCE
Accounting Policies: The schedule of expenditures of federal awards is prepared on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected to not use the 10% de minimis cost rate.
The balance of the HOME Investment Partnership Program loans at May 31, 2023 is $3,123,000, of which, all but $600,000, $525,000, and $748,000 attributable to Sunflower Gardens III, LLC, Fieldcrest, LLC, and Harvest Pointe, LLC, respectively, are included as a component of equity.
Title: SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS INFORMATION
Accounting Policies: The schedule of expenditures of federal awards is prepared on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected to not use the 10% de minimis cost rate.
The schedule of expenditures of federal awards does not include any amounts reported separately as a part of the Affiliate's individual
reporting requirements.
Title: SECTION 538 RENTAL HOUSING GUARANTEED LOAN BALANCE
Accounting Policies: The schedule of expenditures of federal awards is prepared on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected to not use the 10% de minimis cost rate.
The balance of the Section 538 Rental Housing Guaranteed Loan at May 31, 2023 is $851,514.
Title: HOUSING TRUST FUND LOANS BALANCE
Accounting Policies: The schedule of expenditures of federal awards is prepared on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected to not use the 10% de minimis cost rate.
The balance of the Housing Trust Fund loans at May 31, 2023 is $1,575,000.
Title: HUD CAPITAL ADVANCE GRANTS BALANCE
Accounting Policies: The schedule of expenditures of federal awards is prepared on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected to not use the 10% de minimis cost rate.
The balance of the HUD Capital Advance Grants at May 31, 2023 is $21,837,083, which is included as a component of equity (See SEFA Note 7). All HUD Capital Advance Grants other than $668,900 attributable to K.C. Estates, Inc. were separately reported as part of the Affiliate's individual
reporting requirements. This federal award is non-cash and relates to compliance requirements throughout the grant period.