Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal awards activity ofProgressive Housing Partners, Inc. 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 the UniformGuidance. Because the Schedule presents only a selected portion of the operations of Progressive HousingPartners, Inc., it is not intended to and does not present the financial position, changes in net deficit, or cashflows of Progressive Housing Partners, Inc.Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the schedulerepresent adjustments or credits made in the normal course of business to amounts reported as expenditures inprior years. Passthrough entity identifying numbers are presented where applicable. The Corporation has electednot to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.The mortgage balance at the beginning of the year and loans made during the year are included in the federalexpenditures presented in the Schedule.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
SUPPORTIVE HOUSING FOR PERSONS WITH DISABILITIES (14.181) - Balances outstanding at the end of the audit period were 799100.