Notes to SEFA
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of HIP Housing Development Corporation and Subsidiaries under programs of the federal government for the year ended June 30, 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 HIP Housing Development Corporation and Subsidiaries, it is not intended to and does not present the financial position, changes in net assets, or cash flows of HIP Housing Development Corporation and Subsidiaries. The Schedule does not include direct and indirect federal awards funded directly to HIP Housing Development Corporation’s consolidated for-profit subsidiaries.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles contained in OMB Circular A-122, "Cost Principles for Non-Profit Organizations" or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. HIP Housing Development Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Loan balances outstanding as of June 30, 2025 are as follows: Amount Community Development Block Grant Program Loans $ 848,085 HOME Investment Partnerships Program Loans $ 4,736,950