Notes to SEFA
Title: Loans Outstanding
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the Federal assistance activity of the Organization 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. The Organization's consolidating financial statements include the operations of Caritas Project Place Cortes, LLC, One Lenox Limited Partnership, Dudley Inn Limited Partnership, and 820 SRO LLC, which are not included in the accompanying Schedule of Expenditures of Federal Awards during the year ended December 31, 2022, since the component units are not subject to the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10% de minimis cost rate for its Federal programs.
Housing Finance Agencies (HFA) Risk Sharing contains a loan pursuant to Section 542(c) of the Housing and Community Development Act of 1992. The HUD risk-share insurance covers 50% of the outstanding loan balance. Fifty percent of the loan outstanding at the beginning of the year is included in the Federal expenditures presented in the Schedule. The balance of the loan outstanding at December 31, 2022, was $4,136,920.