Notes to SEFA
Title: Outstanding federal loans
Accounting Policies: 1. Basis of presentation
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the
expenditures of Ravinia Housing Association under programs of the federal government for the year
ended December 31, 2024. The information in the 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.
2. Summary of significant accounting policies
Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in the Uniform Guidance and
OMB Circular A-122 Cost Principles for Non-Profit Organizations, wherein certain types of
expenditures are not allowed. Assistance listing numbers (“AL No.”) are provided when available.
Ravinia Housing Association did not elect to use the 10% de minimis indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: The costs of providing program services and other activities have been summarized in the statement of
activities and changes in net deficit. Management believes all costs of providing program services and other
activities are allocable to providing residential rental services. Accordingly, certain costs have been allocated
among program services and administrative and support services benefited. Such allocations are determined by
management on an equitable basis.
Management allocates all costs associated with financing, administrative, and property management fees to
administrative and support services. All other costs are allocated to program services. The Corporation does not
engage in fundraising and therefore does not allocate any expenses to fundraising services benefited.
The following represents the amount of outstanding loans identified by AL No. All loans are provided
by HUD and are included in the Schedule.
AL 14.135
No. Program title Mortgage Insurance Rental &
Cooperative Housing for Moderate Income
Families & Elderly, Market Interest Rate
Loans received in 2024 $ -
Prior year loans with continuing compliance requirements $ 783,488
Total outstanding loans $ 761,793