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 Mount Zion Madison Street Properties 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 Mount Zion Madison Street Properties, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Mount Zion Madison Street Properties. 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 December 31, 2022, there were no awards passed through to subrecipients.
De Minimis Rate Used: N
Rate Explanation: Mount Zion Madison Street Properties 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 Rental Housing (the Note), Mount Zion Madison Street Properties received Mortgage Insurance for Rental Housing. The Note is secured by a deed of trust and provides for monthly payments of $11,951, including principal and interest at 3.18 percent until August 1, 2050. At December 31, 2022, $2,636,703 is outstanding.Under the U.S. Department of Housing and Urban Development Home Investment Partnerships Program (the Note), Mount Zion Madison Street Properties received a loan through the City of Seattle. The loan is secured by a deed of trust and accrues interest at 1 percent per annum and matures November 1, 2050. Interest is deferred and will be forgiven on maturity as long as the project remains in compliance with the terms and conditions of the loan documents. At December 31, 2022, $2,555,256 is outstanding.