Notes to SEFA
Title: Revolving Loan Fund
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the Federal assistance activity of The Housing Partnership Network, Inc. and Affiliates and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Capital Magnet Fund listed above is to be used as a Revolving Loan Fund and is shown on the Schedule of Expenditures of Federal Awards until the respective five-year investment compliance periods are completed in March 2024 (2019 award) and March 2027 (2022 award). The amount presented in the above schedule consists of proceeds of the grant deployed or committed for qualifying loans as of December 31, 2022, totaling $2,137,500 plus administrative fees of $202,500 earned during 2022. Grant funds deployed in prior years and collected in 2022, but not yet re-deployed or committed, are included in net assets with donor restrictions. Grant funds advanced but not deployed or committed as of December 31, 2022, are reflected as conditional advances. See the Notes to the SEFA for table.