Notes to SEFA
Title: Note C — U.S. Department of Housing and Urban Development Loan Program:
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of New Milford Interfaith Housing, Inc. 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). The schedule presents only a selected portion of the operations of New Milford Interfaith Housing, Inc. It is not intended to, and does not present, the financial position, changes in net assets or cash flows of New Milford Interfaith Housing, Inc.
De Minimis Rate Used: N
Rate Explanation: 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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. New Milford Interfaith Housing, Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
New Milford Interfaith Housing, Inc. has received a U.S. Department of Housing and Urban Development loan guarantee under section 223(f) of the National Housing Act. The insured loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the schedule. New Milford Interfaith Housing, Inc. received no additional loans during the year. The balance of the loan outstanding at December 31, 2022, consists of:
Program Name ALN
Mortgage insurance 14.155 $ 1,701,249