Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in Uniform Guidance, where certain types of
expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Mission Housing Development Corporation 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 Corporation, 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 Corporation, it is not intended to and does not
present the financial position, changes in net assets, or cash flows of Mission Housing Development
Corporation.
Title: LOAN PROGRAM BALANCES OUTSTANDING
Accounting Policies: Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in Uniform Guidance, where certain types of
expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Mission Housing Development Corporation has elected not to use the 10-percent de minimis indirect cost
rate allowed under the Uniform Guidance.
The loan balances outstanding as of December 31, 2023 are as follows:
Department of Housing and Urban Development
Community Development Block Grant Loans $2,682,117
Home Investment Partnership Program Loan $285,000
Housing Opportunities for Persons with AIDS Loans $1,480,000