Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: NOTE A - BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards includes the federal award activity of ImpactHousing Development, Ltd. and is presented on the accrual basis of accounting. The information in thisschedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part200, 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 ImpactHousing Development, Ltd., it is not intended to and does not present the financial position, changes in netassets, or cash flows of Impact Housing Development, Ltd.NOTE B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expendituresare recognized following the cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement. Impact Housing Development, Ltd. haselected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.NOTE C U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAMImpact Housing Development, Ltd. has received a U.S. Department of Housing and Urban Developmentmortgage under Section 223(f) of the National Housing Act. The mortgage under Section 223(f) balanceoutstanding at the beginning of the year is included in the federal expenditures presented in the Schedule.Impact Housing Development, Ltd. received no additional loans during the year. The balance of the CapitalAdvance outstanding at December 31, 2022 consists of:CFDANumber Program NameOutstanding Balanceat December 31, 2022Mortgage insurance for the purchase or refinancingof existing Multifamily Housing Projects14.155 $ 3,233,167
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS (14.155) - Balances outstanding at the end of the audit period were 3233167.