Notes to SEFA
Title: Loan/loan guarantee outstanding balances
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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Presbyterian Housing Development Fund Corporation of Queens had a U.S. Department of Housing and Urban Development direct loan under Section 223(f) of the National Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Presbyterian Housing Development Fund Corporation of Queens received no additional loans during the year. The balance of the loan outstanding at August 31, 2022 consists of:CFDA number Program name Outstanding balance at 08/31/2214.155 Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects $ 8,948,998