Notes to SEFA
Title: Note B--Section 223(f) Mortgage Insurance for the Purchase or Refinancing..
Accounting Policies: The Schedule of Expenditures of Federal Awards includes the federal grant activity of Comprehend Properties, Inc., (the Organization) 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 (Uniform Guidance). Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Organization has a mortgage loan which is insured by the Department of Housing and Urban Development. As determined by 2 CFR Section 200.502(b) the federal expenditures amount represents the loan balance as of July 1, 2021. The balance of the mortgage loan outstanding as of June 30, 2022 is $942,703. The Organization received no additional loans during the year.