Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards includes the federal award activity of Utah Nonprofit Housing Corporation and subsidiaries (the Corporation), under programs of the federal government for the year ended December 31, 2024. The information on this Schedule is prepared 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 Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows for the Organization. Management has elected to use the 10% de Minimis indirect cost rate for certain costs.
Expenditures reported on the 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 may or may not be allowable or may be limited as to reimbursement.
Of the federal expenditures presented in the Schedule, the Organization provided none of the federal awards to subrecipients.
The Organizations and its subsidiaries have various loans outstanding as of December 31, 2024. (See Note 9 - Long-term Debt). The loan balances outstanding is included in the federal expenditures presented in the schedule. Per Title 2 U.S. Code of Federal Awards paragraph 200.502 (Uniform Guidance), for loan guarantee programs the amount of federal awards expended based on the beginning of the period balance of loans from previous years for which the Federal government imposes continuing compliance requirements. So, the amount of federal awards expended for the loan guarantee program listed in this schedule will differ from the balance reflected on the balance sheet by the amount of principal paid during the reporting period.