Notes to SEFA
Title: 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 principles contained in the OMB Circular A-122 and
Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Organization did not elect to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal
award activity of Evergreen Non-Profit Housing (the Organization) under programs of federal
government for the year ended December 31, 2023. 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 operation of the Organization,
it is not intended to and does not present the financial position, changes in net assets (deficit), or cash
flows of the Organization.
Title: SECTION 223(f) MORTGAGE INSURANCE FOR REFINANCING OF EXISTING MULTIFAMILY
HOUSING PROJECTS
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 OMB Circular A-122 and
Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Organization did not elect to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
At December 31, 2023, Evergreen Non-Profit Housing had the following Section 223(f) refinanced loan
outstanding. The direct loan is also included in the federal expenditures presented. Program or Cluster Title: Mortgage Insurance for the Purchase or Refinancing of
Existing Multifamily Housing Projects; Federal ALN: 14.155; Amount Outstanding : $ 2,081,992