Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Nantucket Housing Authority's Rural Rental Housing Loan Program (the Program) under programs of the federal government for the year ended December 31, 2024. The information in this Schedule is resented 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 Program, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Program.The dollar threshold used to distinguish Type A and Type B programs according to 2CFR 200.518(b)(1) is determined to be $750,000. There were no awards received that were passed through to subrecipients.
The Program receives an interest credit subsidy from USDA that does not result in cash receipts or disbursements. For the year ended December 31, 2024, the Program received and expensed $65,165 worth of non-cash interest credit subsidy under CFDA # 10.415 - Rural Rental Housing Loan Program. This amount is included in the amount presented on the Schedule of Expenditures of Federal Awards.
Balances of loan and loan guarantee programs outstanding as of December 31, 2024 for loans described in 2 CFR section 200.502(b) are as follows: CFDA # 10.415: Beginning balance 1/1/24 $1,522,630 New loans from 1/1/24-12/31/24- $0, Outstanding balance as of 12/31/24 $1,498,708