Notes to SEFA
Title: Loans and Loan Guarantee Programs
Accounting Policies: Basis of Presentation- The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Catholic Charities and affiliates 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 (CFR) 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 operations of Catholic Charities and affiliates, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Catholic Charities and affiliates. Expenditures - 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.
De Minimis Rate Used: N
Rate Explanation: Catholic Charities has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance, however all affiliates of Catholic Charities have elected to use the 10 percent de minimis indirect cost rate.
For loan and loan guarantee programs for which there are continuing federal compliance requirements, the amount of expenditures reported on the Schedule is the sum of the loan balance at the beginning of the year, the value of new loans made during the year, and cash or administrative cost allowance received during the year. Catholic Charities and affiliates has loans due to federal agencies for which there are continuing compliance requirements. As of June 30, 2024, the outstanding loan balances on such loans were as follows:
Assistance
Listing Outstanding
Federal Agency Program Title Number Balance
U.S. Department of Farm labor housing loans and grants
agriculture 10.405 $ 1,476,079
U.S. Department of Rural rental housing loans 10.415 481,317
agriculture
U.S. Department of housing Mortgage insurance for purchase or
and urban development refinancing of existing
multifamily projects 14.155 3,320,934
U.S. Department of housing Supportive housing for persons with
and urban development disabilities 14.181 2,559,300
U.S. Department of housing HOME investments partnership
and urban development programs 14.239 4,725,211
$ 12,562,841
The proceeds of loans that were received and expended in prior years are not considered federal awards expended when the laws, regulations, and the provisions of contracts or grant agreements pertaining to such loans impose no continuing compliance requirements other than to repay the loans and have been excluded from the Schedule and the notes to the Schedule.