Notes to SEFA
Title: Note 3 - Mortage
Accounting Policies: The schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Evergreen
Estates Housing Development Fund Company, Inc., HUD Project No. 012-11384 under programs of the federal
government for the year ended July 31, 2023. 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 Evergreen Estates Housing Development Fund
Company, Inc., it is not intended to and does present the financial position, changes in net deficit, or cash flows of
Evergreen Estates Housing Development Fund Company, Inc.
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 limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Evergreen Estates Housing Development Fund Company, Inc. has elected to not use the 10 percent de minimis
indirect cost rate as allowed under the Uniform Guidance.
Evergreen Estates Housing Development Fund Company, Inc. has a loan guaranteed by HUD and the
outstanding balance of the loan at July 31, 2023 is $12,250,277.
Federal Grantor / Pass-through Grantor /
Program or Cluster Title
Federal
CFDA
Number
Passthrough
Entity
Identifying
Number
Amount
Provided to
Subrecipients
Federal
Expenditures
U.S. Department of Housing & Urban
Development
Section 223(f) Mortgage Insurance Program 14.155 N/A $ - $ 12,494,678
Section 8 Project-based cluster:
Section 8 Housing Assistance Payments
Program 14.195 N/A $ - 3,293,301
Total Expenditures of Federal Awards
$ 15,787, 979