Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying Schedule is presented using the accrual basis of accounting. The accompanying Schedule of Expenditures of Federal Awards (Schedule) presents the activity of all federal financial assistance programs of MHDC Clintonville, Inc. (the Corporation). 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). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected not the use the 10% de minimus indirect cost rate asallowed in the Uniform Guidance, Section 414.
The Corporation has a 2.69% mortgage note payable insured by the U.S.Department of Housing and Urban Development (HUD) in the amount of $4,594,599and $4,705,502, respectively, at December 31, 2022 and 2021, respectively. The noteis payable in monthly installments of $19,676.68 (including principal and interest)through August 1, 2050. The note is secured by substantially all real property of theCorporation. This loan is included in the schedule of expenditures of federal awards.