Notes to SEFA
Title: LOAN/LOAN GAURANTEE OUTSTANDING BALANCES
Accounting Policies: BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of McSherrystown Interfaith Housing Corporation (the Corporation) 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Because the Schedule presents only a selected portion of the operations of the Corporation, it is not intended to and does not present the financial position or changes in net assets of the Corporation. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following 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 Corporation did not elect to use the 10 percent indirect cost rate allowed under the Uniform Guidance.
MORTGAGE INSURANCE_RENTAL HOUSING (14.134) - BALANCES OUTSTANDING AT THE END OF THE AUDIT PERIOD WERE $3,130,692.
Title: MORTGAGE PAYABLE
Accounting Policies: BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of McSherrystown Interfaith Housing Corporation (the Corporation) 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Because the Schedule presents only a selected portion of the operations of the Corporation, it is not intended to and does not present the financial position or changes in net assets of the Corporation. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following 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 Corporation did not elect to use the 10 percent indirect cost rate allowed under the Uniform Guidance.
The Schedule does include a mortgage provided by HUD as follows at September 30, 2023 - 80 MAIN ST. AND 136 N. STRATTON ST. TOTALED $3,130,692. CALCULATION OF 40% RULE: TOTAL FEDERAL EXPENDITURES PER SCHEDULE WERE $3,793,101. MAJOR PROGRAM: MORTGAGE INSURANCE_RENTAL HOUSING (14.134) TOTAL EXPENDED $3,130,692. (82.54% OF TOTAL FEDERAL EXPENDITURES).