Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: NOTE A. BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Tacoma Teachers Home Association under programs of the federal government for the year ended June 30, 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 Tacoma Teachers Home Association, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Tacoma Teachers Home Association. NOTE B. SUMMARY OF SIGNIFICANT 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. NOTE D. PASSED-THROUGH SUBRECIPIENTS For the year ended June 30, 2022, there were no awards passed through to subrecipients.
De Minimis Rate Used: N
Rate Explanation: Tacoma Teachers Home Association has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Under the U.S. Department of Housing and Urban Development Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects (the Note), Tacoma Teachers Home Association received Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects Mortgage. The Note is secured by a deed of trust and provides for monthly payments of $12,101, including principal and interest at 2.48 percent until May 1, 2048. At June 30, 2022, $2,774,284 is outstanding.