Notes to SEFA
Title: NOTE B – U.S. Department of Housing and Urban Development Loan Program
Accounting Policies: NOTE A – Summary of Significant Accounting Policies
The Schedule of Expenditures of Federal Awards includes the federal grant activity of Portage Pines Nonprofit Corporation, FHA Project No. 047-11036 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), wherein certain types of expenditures are not allowable or are limited as to reimbursement. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Project has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Portage Pines Nonprofit Corporation, FHA Project No. 047-11036 has received a U.S. Department of Housing and Urban Development direct loan under Section 223(f) of the National Housing Act. The mortgage balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. The Project received no additional mortgages during the year ended June 30, 2024. The outstanding mortgage balance at June 30, 2024, consisted of:
CFDA Number
Program Name
Balance
14.155 Section 223(f) – Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects $ 758,417