Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of 178th Housing Development Fund Company, Inc., HUD Project No. 012-11-292, and is presented on the accrual basis of accounting. 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 178th Housing Development Fund Company, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of 178th Housing Development Fund Company, Inc.
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, wherein certain types of expenditures are not allowable or are limited as to reimbursements. 178th Housing Development Fund Company, Inc. has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Corporation has a mortgage originally endorsed for insurance by HUD under Section 207 pursuant to Section 223(f). The Corporation is regulated by HUD with respect to rental charges and operating methods. The balance of the outstanding federally insured mortgage at June 30, 2022 is $7,037,765.