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 principals contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Mission Housing Development Property
IV, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Mission Housing Development Property
IV, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform
Guidance.
The accompanying schedule of expenditures of federal awards includes the federal award activity of Mission
Housing Development Property IV, Inc., HUD Project No. 121-EE031-NP, 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 (Uniform Guidance). Because the Schedule presents only a selected
portion of the operations of Mission Housing Development Property IV, Inc., it is not intended to and does
not present the financial position, changes in net assets, or cash flows of Mission Housing Development
Property IV, Inc.
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 principals contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Mission Housing Development Property
IV, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Mission Housing Development Property
IV, Inc. has elected not to use the 10-percent de minimis indirect 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 principals contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Mission Housing Development Property
IV, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: NOTE C – LOAN PROGRAM BALANCES OUTSTANDING
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are
recognized following the cost principals contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Mission Housing Development Property
IV, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Mission Housing Development Property
IV, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform
Guidance.
Loan balances outstanding as of June 30, 2024 are as follows:
Supportive Housing for the Elderly Capital Advance Mortgage $4,508,500
Community Development Block Grant Program Loan $ 978,000