Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal award activity of Mission Housing Development Corporation, 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 Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Mission Housing Development Corporation. The 2024 schedule of expenditures of federal awards does not include direct and indirect federal awards funded directly to Mission Housing Development Corporation's consolidated for-profit subsidiaries.
Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, where certain types of expenditures are not allowable or are limited as to reimbursement. Mission Housing Development Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The loan balances outstanding as of December 31, 2024 are as follows: Department of Housing and Urban Development Community Development Block Grant Loans $2,682,117 Home Investment Partnership Program Loan $285,000 Housing Opportunities for Persons with AIDS Loans $1,480,000