Notes to SEFA
Title: Note 4.Loan Programs Mortgage Insurance for Multifamily Housing Project
Accounting Policies: Note 1.Basis of PresentationThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal awards of Miami Valley Lutheran Housing Association of Indiana III, Inc. under programs of the federal government for the year ended December 31, 2022. 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 Miami Valley Lutheran Housing Association of Indiana III, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows for Miami Valley Lutheran Housing Association of Indiana III, Inc. Note 2.Summary of Significant Accounting PoliciesExpenditures 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, where as certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The amount included on the accompanying schedule of expenditures equals the beginning balance of the loans as there were no new loans made or received during 2022. The outstanding loan balance at December 31, 2022 was $1,187,410.