Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: 1. BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards (the "schedule") includes the federal award activity of Reformed Church of Highland Park Affordable Housing 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 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 Reformed Church of Highland Park Affordable Housing Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Reformed Church of Highland Park Affordable Housing Corporation. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Expenditures reported on the schedules of expenditures of federal awards is reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and NJ Circular 15-08-OMB, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
FEDERAL LOANS OUTSTANDING The Organization has loans outstanding to the New Jersey Department of Community Affairs of $2,300,000 at December 31, 2022.