Notes to SEFA
Title: Basis of presentation
Accounting Policies: 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 are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented when available.
De Minimis Rate Used: N
Rate Explanation: Mutual Housing Association of South Central Connecticut, Inc. has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Mutual Housing Association of South Central Connecticut, Inc. and Affiliates under various programs of the federal government for the year ended December 31, 2022. 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 Mutual Housing Association of South Central Connecticut, Inc. and Affiliates, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Mutual Housing Association of South Central Connecticut, Inc. and Affiliates.
Title: Loan programs
Accounting Policies: 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 are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented when available.
De Minimis Rate Used: N
Rate Explanation: Mutual Housing Association of South Central Connecticut, Inc. has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
In accordance with the Uniform Guidance, the notes to the Schedule shall include loans and loan activities. The following is a summary of the various loan program activity for the year ended December 31, 2022: HOME Investment Partnerships Program (FAL# 14.239) Valley Mutual: Issue Date: 6/17/04; Interest Rate: 0%; Original Amount: $636,743; beginning Balance: $636,743; Issued: -; Retired: -; Ending Balance: $636,743. Hill Housing: Issue Date: 9/16/13; Interest Rate: 3%; Original Amount: $700,000; beginning Balance: $700,000; Issued: -; Retired: -; Ending Balance: $700,000. Waterbury Community Investments: Issue Date: 9/29/17; Interest Rate: 0%; Original Amount: $500,000; beginning Balance: $441,213; Issued: -; Retired: -; Ending Balance: $441,213.