Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Expenditures recognized 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.
De Minimis Rate Used: N
Rate Explanation: AHNI has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The HOME Investment Partnerships Program Loans included on the schedule of expenditures of federal awards are loans payable to the Iowa Finance Authority, City of Cedar Rapids as well as the Iowa Department of Economic Development. These loans range from $139,254 to $1,163,119 and do not require any payments and bear interest ranging from 0% to 4.90% with final payments due ranging from 2023 to 2030. Until the loans are paid, the outstanding balance of $3,195,939 as of June 30, 2022, will be reported as federal expenditures due to the continuing compliance requirements included in the loan agreement.
Title: Basis of Presentation
Accounting Policies: Expenditures recognized 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.
De Minimis Rate Used: N
Rate Explanation: AHNI has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Affordable Housing Network, Inc. and Consolidated Entities (AHNI) 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 AHNI, it is not intended to and does not present the financial position, functional expenses, changes in net assets or cash flows of AHNI.