Notes to SEFA
Title: Note 3 - Mortage
Accounting Policies: The schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity
of Evergreen Estates Housing Development Fund Company, Inc., HUD Project No. 012-11384 under
programs of the federal government for the year ended July 31, 2021. 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). Because the Schedule presents only a
selected portion of the operations of Evergreen Estates Housing Development Fund Company, Inc.,
it is not intended to and does present the financial position, changes in net assets, or cash flows of
Evergreen Estates Housing Development Fund Company, Inc. 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 limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Evergreen Estates Housing Development Fund Company, Inc. has elected to not use the 10 percent
de minimis indirect cost rate as allowed under the Uniform Guidance.
Evergreen Estates Housing Development Fund Company, Inc. has a loan guaranteed by HUD and
the outstanding balance of the loan at July 31, 2021 is $12,730,479.