Notes to SEFA
Title: NOTE C - U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of The Housing Foundation - Hampden, HUD Corporation No. 024-11055, 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 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 - Hampden, it is not intended to and does not
present the financial position, changes in net assets, or cash flows from The Housing Foundation -Hampden.
De Minimis Rate Used: N
Rate Explanation: Expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Housing Foundation -
Hampden has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Housing Foundation - Hampden has received a U.S. Department of Housing and Urban Development
direct loan under Section 223(f) of the National Housing Act. The loan balance outstanding at the
beginning of the year is included in the federal expenditures presented in the Schedule. The Housing
Foundation - Hampden received no additional loans during the year. The balance of the loan outstanding at June 30, 2023 was $1,616,126.