Notes to SEFA
Title: U.S. Department of Housing and Urban Development Loan Program
Accounting Policies: This schedule of expenditures of federal awards was prepared 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 Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The 10% de minimus indirect cost rate does not apply to the Corporation.
The Corpration has received a Section 223(f) HUD insured mortgage. The loan balance outstanding at the beginning of the year is included in the schedule of expenditures of federal awards presented above. The Foundation received no additional loans during the year. The balance of the loan outstanding at October 31, 2023 was $686,108.