Notes to SEFA
Title: basis of presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Housing Foundation, Inc. has elected to not use the 10 percent de miminis indirect cost rate as allowed under the uniform guidance
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of The Housing Foundation, Inc. under programs of the federal government for the year ended September 30, 2023. The information in this schedule is 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). Because the Schedule presents only a selected portion of the operations of The Housing Foundation, Inc., it is not inteded to and does not present the financial position, changes in net assets, or cash flows of The Housing Foundation, Inc.
Title: Loan and Loan Guarentee Programs
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Housing Foundation, Inc. has elected to not use the 10 percent de miminis indirect cost rate as allowed under the uniform guidance
The Rural Development loan program listed below is administered directly by The Housing Foundation, Inc., and the balances and transactions relating to these programs are included in The Housing Foundation, Inc.'s basic financial statements. Loan outstanding at the beginning of the year totaled $10,066,799. The loan balance as of September 30, 2023 are included in the federal expenditures presented in the Schedule. The balance of loans outstanding at September 30, 2023 consists of: