Notes to SEFA
Title: Loan
Accounting Policies: This schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of SE Hall-Whitney Young Housing Corporation under programs of the federal government for the year ended December 31, 2023. 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 (the Uniform Guidance). Because the Schedule presents only a selected portion of the operations of SE Hall-Whitney Young Housing Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of SE Hall-Whitney Young Housing Corporation.
De Minimis Rate Used: N
Rate Explanation: SE Hall Whitney Young Housing Corporation’s federal awards are not based on eligible costs incurred. Accordingly, SE Hall-Whitney Young Housing Corporation has not made an election related to the use of the 10% de minimus indirect cost rate described in the Uniform Guidance.
Expenditures reported for the mortgage insurance program represent the December 31, 2022 balance of an insured mortgage loan outstanding from a previous year for which the grantor imposes continuing compliance requirements. The balance of the loan outstanding as of December 31, 2023 is $1,834,653.