Title: Loan/loan guarantee outstanding balances
Accounting Policies: Note 1 - Basis of presentation The accompanying schedule of expenditures of federal awards (the "Schedule") includes thefederal award activity of Newton Community Development Foundation II, Inc. under programs of thefederal government for the year ended December 31, 2022. The information in this Schedule ispresented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for FederalAwards (Uniform Guidance). Because the Schedule presents only a selected portion of theoperations of Newton Community Development Foundation II, Inc., it is not intended to and doesnot present the financial position, changes in net assets, or cash flows of Newton CommunityDevelopment Foundation II, Inc.Note 2 - Summary of significant accounting policiesExpenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following, as applicable, either the cost principles in OMB Circular A-122, Cost Principles for Non-Profit Organizations, or the cost principles contained in Title 2 U.S.Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, andAudit Requirements for Federal Awards, wherein certain types of expenditures are not allowable orare limited as to reimbursement. Newton Community Development Foundation II, Inc. has electednot to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The auditee used 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 7748499.
Title: Note 3 - Federal loan program
Accounting Policies: Note 1 - Basis of presentation The accompanying schedule of expenditures of federal awards (the "Schedule") includes thefederal award activity of Newton Community Development Foundation II, Inc. under programs of thefederal government for the year ended December 31, 2022. The information in this Schedule ispresented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for FederalAwards (Uniform Guidance). Because the Schedule presents only a selected portion of theoperations of Newton Community Development Foundation II, Inc., it is not intended to and doesnot present the financial position, changes in net assets, or cash flows of Newton CommunityDevelopment Foundation II, Inc.Note 2 - Summary of significant accounting policiesExpenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following, as applicable, either the cost principles in OMB Circular A-122, Cost Principles for Non-Profit Organizations, or the cost principles contained in Title 2 U.S.Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, andAudit Requirements for Federal Awards, wherein certain types of expenditures are not allowable orare limited as to reimbursement. Newton Community Development Foundation II, Inc. has electednot to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The federal loan program listed below is administered directly by Newton Community DevelopmentFoundation II, Inc., and balances and transactions relating to this program is included in NewtonCommunity Development Foundation II, Inc.'s basic financial statements. Loans outstanding at thebeginning of the year and loans made during the year are included in the federal expenditurespresented in the Schedule.