Notes to SEFA
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of General Chauncey M. Hooper Towers Housing Development Fund Company, Inc. (“GCMHT”) under programs of the federal government for the year ended September 30, 2024. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations 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 GCMHT, it is not intended to and does not present the financial position, changes in net assets or cash flows of GCMHT.
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. No federal expenditures presented in this Schedule were provided to subrecipients.
GCMHT has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
GCMHT obtained a U.S. Department of Housing and Urban Development insured mortgage under Section 207/223(f) of the National Housing Act on February 26, 2018. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. GCMHT received no additional loans during the year. The balance of the loan outstanding at September 30, 2024 consists of: Federal Assistance Listing Number Program name Outstanding balance at 09/30/24 14.155 Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects $ 10,121,370