Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Basis of PresentationThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Warren Gardens Housing Cooperative Company, Inc. (the Cooperative) 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Cooperative, it is not intended to and does not present the financial position, results of operations, or cash flows of the Cooperative. Summary of Significant Accounting PolicyExpenditures for Section 8 Housing Assistance Payments Program 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.Expenditures for the Mortgage Insurance - Cooperative Projects and the Flexible Subsidy Loan Programs are reported based on the outstanding principal of the respective loans at January 1, 2022.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
MORTGAGE INSURANCE_COOPERATIVE PROJECTS (14.126) - Balances outstanding at the end of the audit period were 3251439. MORTGAGE INSURANCE_COOPERATIVE PROJECTS (14.126) - Balances outstanding at the end of the audit period were 3160904.