Notes to SEFA
Title: Loan Balances
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federally insured loan balances and
federal grant activity of Ingleside Homes, Inc., 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, Part
200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the
preparation of, the basic consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform
Guidance.
The outstanding balance as of December 31, 2024, on the federally insured mortgage was $2,162,924. The
outstanding balance as of December 31, 2024, on the capital advance was $5,679,700.