Notes to SEFA
Title: Loan Assistance
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 auditee did not use the de minimis cost rate.
The Organization administers a revolving loan program that was funding in prior years through the U.S. Department of Housing and Urban Development Community Block Grant (Assistance Listing Number 14.218). The purpose of this program is to encourage public and private investment in the City of Cambridge's low income housing through long-term, low interest loans. The amount included on the schedule includes the loan balances at the beginning of the period plus new loans issued during the fiscal year and any cash balance at December 31, 2022. The loan balances at December 31, 2022 were $2,924,994. No administrative expenses were allocated to this program during 2022.