Notes to SEFA
Title: Basis for Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expendituresare recognized following the cost principles contained in the OMB Circular A-122 Cost Principles for Non-ProfitOrganizations where certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Mercy Housing Corporation has elected not to use the 10 percent de minimis indirect cost rate as allowedunder the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal awardactivity of Mercy Housing Corporation under programs of the federal government for the year ended December31, 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 AuditRequirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portionof the operations of Mercy Housing Corporation, it is not intended to and does not present the financialposition, changes in net assets, or cash flows of Mercy Housing Corporation.
Title: Section 223(f) Insured Loan
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expendituresare recognized following the cost principles contained in the OMB Circular A-122 Cost Principles for Non-ProfitOrganizations where certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Mercy Housing Corporation has elected not to use the 10 percent de minimis indirect cost rate as allowedunder the Uniform Guidance.
Assistance listing number 14.155 has a balance of $ 2,027,897 at December 31, 2022 from a Section 223(f)Refinance of a Section 202 Direct Loan.
Title: Subrecipients
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expendituresare recognized following the cost principles contained in the OMB Circular A-122 Cost Principles for Non-ProfitOrganizations where certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Mercy Housing Corporation has elected not to use the 10 percent de minimis indirect cost rate as allowedunder the Uniform Guidance.
No amounts were provided to subrecipients.