Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Mid Cape Church Homes, Inc.’s Rural Rental Housing Loan Program (RD Project No. 027, Pine Oaks Village 2) under programs of the federal government for the year ended December 31, 2025. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) 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 Mid Cape Church Homes, Inc.’s Rural Rental Housing Loan Program (RD Project No. 027, Pine Oaks Village 2), it is not intended to and does not present the financial position, changes in net assets, or cash flows of Mid Cape Church Homes, Inc.’s Rural Rental Housing Loan Program (RD Project No. 027, Pine Oaks Village 2).
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
Balances of loans and loan guarantee programs outstanding as of December 31, 2025 for loans described in 2 CFR section 200.502(b) are as follows: Assistance Listing Number 10.415 Program Name Rural Rental Housing Loans Beginning balance as of 1/01/25 $ 1,656,752, New loans from 1/01/25-12/31/25 $0, Outstandingbalance as of 12/31/25 $ 1,599,084
Mid Cape Church Homes, Inc. receives an interest credit subsidy from USDA that does not result in cash receipts or disbursements. For the year ended December 31, 2024, Mid Cape Church Homes, Inc. received and expensed $154,357 worth of non-cash interest credit subsidy under Assistance Listing Number 10.415 - Rural Rental Housing Loan Program. This amount is included in the amount presented on the Schedule of Expenditures of Federal Awards.