The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Urban Partnerships Community Development Corporation and Affiliates under programs of the federal government for the year ended December 31, 2023. 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 Urban Partnerships Community Development Corporation and Affiliates, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Urban Partnerships Community Development Corporation and Affiliates.
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.
Urban Partnerships Community Development Corporation and Affiliates has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
On July 9, 2020, Urban Partnerships Community Development Corporation executed a promissory note with Harris County in the original amount of $13,571,654. There were draws in the amount of $643,054 on the note during 2023. As of December 31, 2023, the outstanding promissory note balance was $12,811,099, secured by a second lien on land, fixture filing, and second assignment of leases and rents. The activity of the Harris County loan during the year ended December 31, 2023 is as follows: Balance, January 1, 2023 12,168,045 Advances during 2023 643,054 -------------- Balance, December 31, 2023 12,811,099 ========= On June 30, 2021, Urban Partnerships Community Development Corporation executed a promissory note with the City of Houston in the original amount of $19,619,640. There were draws in the amount of $1,413,418 on the note during 2023. As of December 31, 2023, the outstanding promissory note balance was $17,657,676, secured by a Deed of Trust. As of December 31, 2023, no interest is payable. The activity of the City of Houston loan during the year ended December 31, 2023 is as follows: Balance, January 1, 2023 16,244,258 Advances during 2023 1,413,418 -------------- Balance, December 31, 2023 17,657,676 =========