Notes to SEFA
Title: Section 223(f) HUD Insured Loan
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognizedfollowing the cost principles contained in the OMB Circular A-122 Cost Principles for Non- Profit Organizations where certaintypes of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Assistance listing number 14.181 has a balance of $1,206,800 at September 30, 2022 from a Section 223(f) Federal Housing Administration Insured Loan issued during the period ended September 30, 2006. This is recorded as a capital advance and net assets with donor restrictions on the statement of financial position.