Notes to SEFA
Title: Loan/loan guarantee outstanding balances
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.
De Minimis Rate Used: N
Rate Explanation: The Fellowship has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
HOME INVESTMENT PARTNERSHIPS PROGRAM (14.239) - Balances outstanding at the end of the audit period were 4648278. COMMUNITY DEVELOPMENT BLOCK GRANTS/ENTITLEMENT GRANTS (14.218) - Balances outstanding at the end of the audit period were 185393.
Title: Basis of Presentation
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.
De Minimis Rate Used: N
Rate Explanation: The Fellowship has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The consolidated financial statements of The Housing Fellowship and Consolidated Entities include the accounts of The Housing Fellowship and the limited partnerships of Whispering Garden IHA Limited Partnership, Berry Court Limited Partnership, Aniston Village Limited Partnership, Corridor Woods Limited Partnership and Del Ray Ridge Limited Partnership (Partnerships). The schedule of expenditures of federal awards does not include the Partnerships, which are not subject to compliance requirements described in the Uniform Guidance.The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the Fellowship 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 the Fellowship, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Fellowship.
Title: Loans
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.
De Minimis Rate Used: N
Rate Explanation: The Fellowship has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Substantially all expenditures included on the Schedule are loans payable to the City of Iowa City or Iowa Finance Authority due from 2023 through 2038. Until the loans are paid, the outstanding balances will be reported as federal expenditures due to the continuing compliance requirements included in the loan agreements. The outstanding balances of certain HOME and CDBG loans totaling $1,692,547 need not be repaid providing the facility continues to make available housing to eligible persons for a certain period identified in the loan, ending between 2023 through 2038. Until that time, the outstanding balances will be reported as federal expenditures.