Notes to SEFA
Title: U.S. Department of Housing and Ubran Development Loan 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 Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Organization has received a U.S. Department of Housing and Urban Development direct
loan under Section 202 of the National Housing Act. The loan balance outstanding at the
beginning of the year is included in the Schedule of Expenditures of Federal Awards. The
Project received no additional loans during the year. The balance of the loan outstanding was
$5,106,700 as of September 30, 2023.
During the year ended September 30, 2023, the Organization received funds from a U.S.
Department of Housing and Urban Development HOME Investment Partnership loan of
$1,440,000.