Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: NOTE A BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards includes the federal grant activity of Self Reliance Housing, Inc., HUD Project No. 067-11180, and is presented on the accrual basis of accounting. 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 (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the presentation of, the basic financial statements. The organization has not elected to use the 10% deminimus cost rate.The U.S. Department of Housing and Urban Development (HUD) guaranteed the mortgage note maintained by Self Reliance Housing, Inc. Under the terms of the loan guarantee, Self Reliance Housing, Inc. must comply with the rules and regulations established by HUD. The outstanding mortgage at the beginning of the year is included in the federal expenditures presented in the Schedule. The balance of the mortgage outstanding at September 30, 2022 is $1,056,923.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS (14.155) - Balances outstanding at the end of the audit period were 1056923.