Notes to SEFA
Title: Basis of Presentation
Accounting Policies: 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 are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Project has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of Michigan Interfaith Housing Corporation, Inc. HUD Project No. 047-11037 (the “Project”) under a program of the federal government for the year ended December 31, 2023. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the “Uniform Guidance”). Because the Schedule presents only a selected portion of the operations of Michigan Interfaith Housing Corporation, Inc. (HUD Project No. 047-11037), it is not intended to and does not present the financial position, changes in net assets, or cash flows of Michigan Interfaith Housing Corporation, Inc. (HUD Project No. 047-11037).
Title: Mortgage Insurance for the Purchase of Existing Multifamily Housing Projects
Accounting Policies: 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 are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Project has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Michigan Interfaith Housing Corporation, Inc. (HUD Project No. 047-11037) has a loan that is insured by HUD under Section 207/223(f) of the National Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. The Project received no additional loans during the year. The balance of the loan outstanding at December 31, 2023, is $1,458,450.
Title: Subrecipient
Accounting Policies: 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 are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Project has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Project passed no federal awards through to subrecipients.