Notes to SEFA
The purpose of the schedule of expenditures of federal awards (the "Schedule") is to present a summary of federal awards expended by Mutual Housing Association of Greater Hartford, Inc. and Subsidiaries ("MHA") under various programs of the federal government for the year ended December 31, 2024. The financial statements of certain subsidiaries and affiliates included in the consolidated financial statements were not audited in accordance with Government Auditing Standards as they are not subject to the requirements under 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 MHA, it is not intended to and does not present the financial position, changes in net assets, or cash flows of MHA. The Schedule includes federal awards received directly by Mutual Housing Association of Greater Hartford, Inc., 233 Allen Street Mutual Housing LLC, Willow Arms Mutual Housing Association, Inc. and Plaza Terrace Mutual Housing Association, Inc. from federal agencies as well as federal awards passed through to Mutual Housing Association of Greater Hartford, Inc. by state or local government agencies or other not-for-profit organizations.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in OMB Circular A-122, Cost Principles for Non-Profit Organizations, or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited to reimbursement. MHA has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. Passthrough entity identifying numbers are presented when available.
In accordance with the Uniform Guidance, the notes to the Schedule shall include loans and loan activities. The following is a summary of the various loan program activity for the year ended December 31, 2024. Issue Date Interest Rate Original Amount Balance Balance Beginning Issued Retired Balance Ending Department of Housing and Urban Development Mortgage Insurance (FAL# 14.134) Willow Arms 3/11/10 4.85% $ 744,500 $ 74,531 $ - $74,531 $ - HOME Investment Partnerships Program (FAL# 14.239) Barbour Street 10/21/21 0.50% $ 100,000 $ 99,495 $505 $ - $100,000