Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Mission Housing Development Corporation under programs of the federal government for the year ended December 31, 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 Mission Housing Development Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Mission Housing Development Corporation.The schedule of expenditures of federal awards does not include direct and indirect federal awards funded directly to Mission 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 the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Mission Housing Development Corporation has elected not to use the 15-percent de minims indirect cost rate allowed under the Uniform Guidance.
Mission Housing Development Corporation has received direct loans under the Home Investment Partnership program, Housing Opportunities for Persons with AIDS program and Community Development Block Grant programs. The loan balances outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. The balances of the loans outstanding as of December 31, 2025, are as follows: Community Development Block Grant Program Loans $2,489,951; Home Investment Partnership Program Loan $285,000; Housing Opportunities for Persons with AIDS Loan $1,480,000