Notes to SEFA
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal grant activity of Catholic Housing Corporation of Bethlehem d/b/a Holy Family Apartments (the "Organization") and is prepared using the accrual basis of accounting.
The information in the 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"). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
The Organization has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Organization has an outstanding loan balance of $1,832,539 with continuing compliance requirements under the U.S. Department of Housing and Urban Development Mortgage Insurance for the Purchase or Refinance of Existing Multi-Family Housing Projects.
The Organization did not pass through any federal funds to subrecipients for the year ended December 31, 2024.