Title: Note 4 - Home Investment Partnership Program
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Montgomery Housing Partnership, Inc. and its Subsidiaries and Affiliates under programs of the federal government for the year ended December 31, 2024. 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 Montgomery Housing Partnership, Inc. and its Subsidiaries and Affiliates, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Montgomery Housing Partnership, Inc. and its Subsidiaries and Affiliates. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles contained in OMB Circular A-122, "Cost Principles for Nonprofit Organizations" or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Expenditures for loan disbursements are recognized when paid.
De Minimis Rate Used: Y
Rate Explanation: Montgomery Housing Partnership, Inc. and its Subsidiaries and Affiliates has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding under the Home Investment Partnership Program at December 31, 2024 consists of:
Title: Note 5 - Community Development Block Grants
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Montgomery Housing Partnership, Inc. and its Subsidiaries and Affiliates under programs of the federal government for the year ended December 31, 2024. 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 Montgomery Housing Partnership, Inc. and its Subsidiaries and Affiliates, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Montgomery Housing Partnership, Inc. and its Subsidiaries and Affiliates. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles contained in OMB Circular A-122, "Cost Principles for Nonprofit Organizations" or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Expenditures for loan disbursements are recognized when paid.
De Minimis Rate Used: Y
Rate Explanation: Montgomery Housing Partnership, Inc. and its Subsidiaries and Affiliates has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding under the Community Development Block Grants at December 31, 2024 consists of:
Title: Note 6 - Tax Credit Assistance Program (Recovery Act Funded)
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Montgomery Housing Partnership, Inc. and its Subsidiaries and Affiliates under programs of the federal government for the year ended December 31, 2024. 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 Montgomery Housing Partnership, Inc. and its Subsidiaries and Affiliates, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Montgomery Housing Partnership, Inc. and its Subsidiaries and Affiliates. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles contained in OMB Circular A-122, "Cost Principles for Nonprofit Organizations" or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Expenditures for loan disbursements are recognized when paid.
De Minimis Rate Used: Y
Rate Explanation: Montgomery Housing Partnership, Inc. and its Subsidiaries and Affiliates has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding under the Tax Credit Assistance Program at December 31, 2024 consists of: