Notes to SEFA
Title: Loan Balances
Accounting Policies: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation - The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes federal awards activity of Courtyard Affordable Housing Corporation (the “Organization”) and is presented on the accrual basis of accounting. 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. Because the Schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The outstanding balance of the loan under the Flexible Subsidy Residual Receipts Note Payable in connection with the Operating Assistance for Troubled Multifamily Housing Projects Program (CFDA No. 14.164) as of September 30, 2024 was $1,938,458.
The outstanding balance of the loan under the Section 223f Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects Loan Program (CFDA No. 14.155) as of September 30, 2024 was $1,299,116.