Notes to SEFA
Title: Loan assistance
Accounting Policies: 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 are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10 percent de minimis indirect cost rate as allowed under the uniform guidance
The Organization, administers a revolving loan program that was funded in prior years through
the U.S. Department of Housing and Urban Development Community Block Grant (Assistance
Listing Number 14.218). The purpose of this program is to encourage public and private
investment in the City of Cambridge’s low income housing through long-term, low interest loans.
The amount included on the Schedule $2,756,099 includes the loan balances at the beginning of
the period plus new loans issued during the fiscal year and any cash balance at December 31, 2024.
The loan balances at December 31, 2024 were $1,642,726. No administrative expenses were
allocated to this program during 2024.