Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Note 1 - Basis of presentationThe accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Homecrest House HUD Project No.: 000-11264, under programs of thefederal government for the year ended June 30, 2023. The information in this Schedule ispresented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for FederalAwards ("Uniform Guidance"). Because the Schedule presents only a selected portion of theoperations of Homecrest House, it is not intended to and does not present the financial position,changes in net assets, or cash flows of Homecrest House. Note 2 - Summary of significant accounting policies Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles contained in the UniformGuidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Homecrest House has elected not to use the 10 percent de minimis indirect costrate allowed under the Uniform Guidance.
Note 3 - U.S. Department of Housing and Urban Development loan program Homecrest House has received a loan insured by the U.S. Department of Housing and Urban Development under Section 207 of the National Housing Act of 1959. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Homecrest House received no additional loans during the year. The balance of the loan outstanding at June 30, 2023 consists of: CFDA number 14.155 Program Name Mortgage Insurnace for the Purchase or Refinancing of Existing Multifamily Housing Projects Oustanding Balance at June 30, 2023 $8,633,053.