Notes to SEFA
Title: HUD SHOP Loan Activity
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Catholic Charities Housing Services - Diocese of Yakima (the Organization) under programs of federal government for the year ended June 30, 2022. 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 operation of the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
De Minimis Rate Used: N
Rate Explanation: 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. The Organization did not elect to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
HUD SHOP loans outstanding at July 1, 2021 $912,179; SHOP funds received $615,000; Total loans outstanding reported on SEFA $1,527,175; Less: loans converted to grants during fiscal year CCHS 11-1 $(190,148); Less: loans converted to grants during fiscal year CCHS 10-5 $(135,000); Total HUD SHOP loans for which there are continuing federal compliance requirements as of the year ended June 30, 2022 $1,202,027.