Notes to SEFA
Title: Loan Program
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein some types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Organization does not use the 10% de minimis indirect rate allowed in the Uniform Guidance.
As of June 30, 2022 (and June 30, 2021), the Organization had received cumulative loan proceeds of $1,200,000 from the United States Department of Housing and Urban Development. These funds were to assist the Organization in the rehabilitation of single-family housing for individuals of low and moderate income status. This amount is included on the schedule of expenditures of federal awards. The full balance of the loan outstanding as of June 30, 2021 was paid in-full during the year ended June 30, 2022.
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein some types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Organization does not use the 10% de minimis indirect rate allowed in the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of The Housing Partnership, Inc. and Subsidiaries (collectively the "Organization") 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 United States 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 Organization, it is not intended to and does not present the financial position, changes in net assets, or cashflows of the Organization.