Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of National Affordable Housing Foundation Taunton, Inc., HUD Project No.: 014-11226, under the program of the federal government for the year ended December 31, 2022. The information in this 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 ("Uniform Guidance"). Because the Schedule presents only a selected portion of the operations of the Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of National Affordable Housing Foundation Taunton, Inc. For the year ended December 31, 2022, no awards were passed through to subrecipients.
De Minimis Rate Used: N
Rate Explanation: 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. National Affordable Housing Foundation Taunton, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
National Affordable Housing Foundation Taunton, Inc. has received a U.S. Department of Housing and Urban Development direct loan under Section 207 of the National Housing Act. The loan proceeds received in 2021 in connection with the refinancing of the Section 207 loan are included in the federal expenditures presented in the Schedule. The balance of the loan outstanding at December 31, 2022 consists of: MORTGAGE INSURANCE_RENTAL HOUSING (14.134) Section 223(f) Insured loan - Balances outstanding at the end of the audit period were 6663528.