Notes to SEFA
Title: Note 3: Loans Outstanding
Accounting Policies: Note 1: Basis of Presentation. This schedule of expenditures of federal awards (Schedule) includes the federal award activity of Willow Village Housing Corporation under programs of the federal government for the year ended June 30, 2024. 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 Audits for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Willow Village Housing Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Willow Village Housing Corporation. Note 2: Summary of Significant Accounting Policies. Expenditures on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Willow Village Housing Corporation has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Willow Village Housing Corporation has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Corporation had the following federal loan balances outstanding at June 30, 2024, that were report as direct and federal award expenditures in the Schedule:
Assistance Listing Number Program Title Outstanding Balance at June 30, 2024
14.135 HUD Guaranteed Mortgage – Section 515(a) $404,147
14.164 HUD Operating Assistance for Troubled Multifamily Housing Projects $ 1,629,092
14.239 Home Investment Partnership Program - HOME Program $ 269,000