Notes to SEFA
Title: Outstanding Balance of Mortgage
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federally insured loan balances and federal grant activity of Ingleside Homes, Inc., and is presented 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. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: Organization only charges direct costs. The Organization has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The outstanding balance as of December 31, 2023, on the federally insured mortgage was $2,249,204. The outstanding balance as of December 31, 2023, on the capital advance was $5,679,700.