Notes to SEFA
Title: FEDERAL AWARDS EXPENDED FOR LOANS
Accounting Policies: BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the JCHA Housing and Development Corporation (the Corporation) under programs of the federal government for the year ended December 31, 2022. The information in this Schedule is presented in accordance with the requirements of 2 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 the Corporation, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Corporation.Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. For loans, the value of noncash awards expended is equal to the amount of loan proceeds expended plus the year-end balance of loans from previous years for which the federal government imposes continuing compliance requirements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
In accordance with 2 CFR Part 200.502, the following guidelines are used to calculate the value of Federal awards expended under loan programs:(1) Value of new loans made or received during the audit period; plus(2) Beginning of the audit period balance of loans from previous years for which the Federal Government imposes continuing compliance requirements; plus(3) Any interest subsidy, cash, or administrative cost allowance received.
Title: LOANS OUTSTANDING
Accounting Policies: BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the JCHA Housing and Development Corporation (the Corporation) under programs of the federal government for the year ended December 31, 2022. The information in this Schedule is presented in accordance with the requirements of 2 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 the Corporation, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Corporation.Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. For loans, the value of noncash awards expended is equal to the amount of loan proceeds expended plus the year-end balance of loans from previous years for which the federal government imposes continuing compliance requirements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Corporation had the following loan balances outstanding at December 31, 2022. HOME Investments Partnerships Program - Mortgage Hickory Ridge I 14.239 $2,677,696 HOME Investments Partnerships Program - Mortgage Hickory Ridge II 14.239 1,100,632 HOME Investments Partnerships Program - Mortgage Hickory Ridge III 14.239 1,565,825 HOME Investments Partnerships Program - Mortgage Brighton Gardens 14.239 1,240,102 HOME Investments Partnerships Program - Mortgage Spring Gardens IV 14.239 968,732 Total HOME Investment Partnerships 7,552,987 Community Development Block Grant - Mortgage Spring Gardens I 14.218 112,649 Total Mortgage Programs $7,665,636