Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: NOTE A - Basis of PresentationThe accompanying schedule of expenditures of federal awards includes the federal award activity ofMinority Housing Corporation of Topeka, Jefferson Villas and is presented on the accrual basis ofaccounting. The information in this schedule is presented in accordance with the requirements of Title 2U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, andAudit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only aselected portion of the operations of Minority Housing Corporation of Topeka, Jefferson Villas, it is notintended to and does not present the financial position, changes in net assets, or cash flows of MinorityHousing Corporation of Topeka, Jefferson Villas.NOTE B Summary of Significant Accounting PoliciesExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expendituresare recognized following the cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement. Minority Housing Corporation ofTopeka, Jefferson Villas has elected not to use the 10-percent de minimis indirect cost rate allowed underthe Uniform Guidance.NOTE C U.S. Department of Housing and Urban Development Loan ProgramMinority Housing Corporation of Topeka, Jefferson Villas has received a U.S. Department of Housing andUrban Development insured loan under Section 207 pursuant to Section 223(f) of the National HousingAct. The loan balance outstanding at the beginning of the year is included in the federal expenditurespresented in the Schedule. Minority Housing Corporation of Topeka, Jefferson Villas received no additionalloans during the year. The balance of the loan outstanding at December 31, 2022 consists of:Outstanding BalanceCFDA Number Program Name at December 31, 202214.155 Mortgage Insurance for the Purchase or Refinanceof Existing Multifamily Housing Projects $ 1,254,447
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS (14.155) - Balances outstanding at the end of the audit period were 1254447.