Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: NOTE A - BASIS OF PRESENTATIONThe schedule of expenditures of federal awards (the Schedule) includes the federal grantactivity of Northaven and is presented on the accrual basis of accounting.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, and Audit Requirements for Federal Awards. Because the Schedulepresents only a selected portion of financial information of Northaven it is not intended to anddoes not present the financial position, changes in net assets or cash flows of Northaven.NOTE B - SIGNIFICANT ACCOUNTING POLICIESNorthaven has elected not to use the 10% de minimis indirect cost rate.NOTE C - LOAN PROGRAMSNorthaven included on the schedule of expenditures of federal awards the following loansBalance at14.155 Mortgage Insurance for the Purchase orRefinancing of Existing Multifamily Housing Projects $ 3 ,883,78014.155 Residual Receipts Loan 2 ,882,316December 31, 2022 $ 6 ,766,096
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 6766096.