Notes to SEFA
Title: Loan/Loan Guartee Outstanding Balance
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards (the “Schedule”) are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”), wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The Schedule includes the federal award activity of Episcopal Church Home, Friendship Inc. (the “Entity”) under programs of the federal government for the year ended June 30, 2023. The information in this Schedule is presented in accordance with the requirements of the Uniform Guidance. Because the Schedule presents only a selected portion of the operations of the Entity, it is not intended to and does not present the financial position, change in net assets or cash flows of the Entity.
De Minimis Rate Used: N
Rate Explanation: The Entity has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The Entity is reimbursed for programmatic and administrative costs in accordance with rules set forth by the U.S. Department of Housing and Urban Development
The outstanding balance of the loans at September 30, 2023 consists of: Federal Assistance Listing Number 14.155 Mortgage Insurance for Purchase or Refinance of Existing Multifamily Housing Projects 14.155, outstanding balance $15,998,900.
Title: Federal Loan Program
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards (the “Schedule”) are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”), wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The Schedule includes the federal award activity of Episcopal Church Home, Friendship Inc. (the “Entity”) under programs of the federal government for the year ended June 30, 2023. The information in this Schedule is presented in accordance with the requirements of the Uniform Guidance. Because the Schedule presents only a selected portion of the operations of the Entity, it is not intended to and does not present the financial position, change in net assets or cash flows of the Entity.
De Minimis Rate Used: N
Rate Explanation: The Entity has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The Entity is reimbursed for programmatic and administrative costs in accordance with rules set forth by the U.S. Department of Housing and Urban Development
The Entity received a U.S. Department of Housing and Urban Development loan modificationb under the terms of Section 223(f) and a Flexible Subsidy loan. The loan balances outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. The Entity refinanced their mortgage under the terms of Section 223(f) on September 27, 2023 and paid their existing loan under Section 223(f) and flexible subsidy loan.