Notes to SEFA
Title: NOTE A – 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: Holy Family Housing Corporation has elected not to use the 10% de minimis cost rate allowed under the Uniform Guidance.
The schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Holy Family 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 (CFR), Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Holy Family Housing Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Holy Family Housing Corporation.
Title: NOTE B – Summary of Significant Accounting Policies
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: Holy Family Housing Corporation has elected not to use the 10% de minimis cost rate allowed under the Uniform Guidance.
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.
Title: NOTE C – Indirect Cost Rate
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: Holy Family Housing Corporation has elected not to use the 10% de minimis cost rate allowed under the Uniform Guidance.
Holy Family Housing Corporation has elected not to use the 10% de minimis cost rate allowed under the Uniform Guidance.
Title: NOTE D – U.S. Department of Housing and Urban Development Loan Guarantee Program
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: Holy Family Housing Corporation has elected not to use the 10% de minimis cost rate allowed under the Uniform Guidance.
Holy Family Housing Corporation has received a U.S. Department of Housing and Urban Development loan guarantee under Section 202 of the National Housing Act. The loan guarantee balance outstanding at the beginning of the year is included in the Federal expenditures presented in the Schedule. Holy Family Housing Corporation received no additional loans or loan guarantees during the year. The balance of the loan outstanding at December 31, 2023 consists of: Outstanding Balance at
CFDA Number Program Name December 31, 2023
14.155 Mortgage insurance for the
Purchase or Refinance of
Existing Multifamily
Housing Projects $ 2,684,378