Notes to SEFA
Title: Loans outstanding
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 and OMB Circular A-122, Cost Principals for Non-profit Organizations wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Interfaith Homes of Longmeadow Phase Two, Inc. did not elect to use the de minimis cost rate.
The Project had a loan balance outstanding of $3,183,180 at September 30, 2022. This mortgage note payable is included in the federal expenditures presented in the Schedule.