Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal award activity of Mission Housing Development Property IV, Inc., HUD Project No. 121-EE031-NP, 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 (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Mission Housing Development Property IV, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Mission Housing Development Property IV, Inc.. For the year ended June 30, 2025, no awards were passed through to subrecipients.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principals contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Mission Housing Development Property IV, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Mission Housing Development Property IV, Inc. has received a loan under Section 202 of the National Housing Act and a Community Development Block Grant Program Loan. The loan balances outstanding at the beginning of the year are included in the federal expenditure presented in the Schedule. Loan balances outstanding as of June 30, 2025, are as follows: Supportive Housing for the Elderly Capital Advance Mortgage $ 4,508,500 Community Development Block Grant Program Loan $ 978,000