Notes to SEFA
Title: Loan / Loan Guarantees outstanding balances
Accounting Policies: This schedule includes the federal award activity of Northwest Towers Residents' Association under programs of the Federal Government for the year ended December 31, 2022. The information in this schedule is presented in accordance with Title 2 US 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 entity, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the entity. 1. Expenditures reported on this schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.2.The Organization has not elected the 10% de-minimis indirect cost rate.3.There were no other audits performed under the Uniform Guidance for the year ended December 31,2022.4.There were no subrecipients for this Organization during the year ended December 31, 20225.There were no non-cash awards received during the year ended December 31, 2022.6.Federal loan or loan guarantees at December 31, 2022 are the HUD recapturable grant and HUD mortgage.7.The rehabilitation recapturable grant of$2,647,821 represents the outstanding balance as ofJanuary 1, 2022 and December 31, 2022.8.The HUD 221 (d)(4) mortgage loan of$15,311,690 represents the outstanding balance as of December 31, 2022. The principal balance was $15,658,708 at January 1, 2022.9.Programs tested as major programs were: ALN 14.134 (HUD 221(d)(4) mortgage); ALN14.194 (HUD recapturable grant); ALN 14.195 (Section 8 housing assistance)
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Federal loan or loan guarantees at December 31, 2022 are the HUD recapturable grant and mortgage. The rehabilitation recapturable grant of$2,647,821 represents the outstanding balance as of January 1, 2022 and December 31, 2022. The HUD 221 (d)(4) mortgage loan of $15,311,690 represents the outstanding balance as of December 31, 2022. The principal balance was $15,658,708 at January 1, 2022.