Notes to SEFA
Basis of presentation – The schedule of expenditures of federal awards (the schedule) is prepared 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 (Uniform Guidance). Federal expenditures include allowable costs funded by federal grants. Allowable costs are subject to the cost principles of the Uniform Guidance, and include costs that are recognized as expenses or capitalized as assets in New Hope Housing, Inc. and Affiliates’ financial statements in conformity with generally accepted accounting principles. New Hope Housing, Inc. and Affiliates have not elected to use the 10% de minimis cost rate for indirect costs. New Hope Housing, Inc. and Affiliates do not have any subrecipients. Because the schedule presents only a selected portion of the operations of New Hope Housing, Inc. and Affiliates, it is not intended to and does not present the financial position, changes in net assets, or cash flows of New
New Hope Housing, Inc. and Affiliates have received U. S. Department of Housing and Urban Development and U. S. Department of Treasury deferred payment loans passed through the City of Houston, Texas Department of Housing and Community Affairs and Harris County Housing Finance Corporation totaling $77,935,810. The balance of the loans outstanding at December 31, 2024 is reported in the schedule of expenditures of federal awards.