Notes to SEFA
Balance of loans and loan guarantee programs outstanding at the end of the audit period for loans under 2 CFR Section 200.502(b) for which the federal government imposes continuing compliance requirements are as follows: Beginning Balance of Loans $2,281,417 New Loans Received During the Period - Total Balance of Loans $ 2,281,417
Federal award revenues and expenditures are reported in the Organization's consolidated financial statements in the appropriate accounts. The information in the accompanying 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). Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, Housing And Neighborhood Development Service’s consolidated financial statements. Such expenditures are recognized following, as applicable, either the cost principles in the U.S. Office of Management and Budget Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations , or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement, whichever is applicable. The Organization has not elected to use the 15-percent de minimis indirect cost rate (10% prior to October 1, 2024) allowed under the Uniform Guidance.