Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Note 1 Basis of PresentationThe accompanying schedule of expenditures of federal awards (the schedule) includes the federal grant activity ofMemphis Jewish Housing Development Corporation dba Plough Towers The information in the schedule is presented inaccordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (the Uniform Guidance). Therefore, someamounts presented in this schedule may differ from amounts presented in, or used in the presentation of, the basic financialstatements.Note 2 Basis of AccountingExpenditures reported in the schedule are reported on the accrual basis of accounting. Such expenditures are recognizedfollowing the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowableor are limited as to reimbursement.Note 4 Coinsurance ProgramThe mortgage loan is insured by HUD under section 207, pursuant to Section 223(f) of the National Housing Act, asamended.
De Minimis Rate Used: N
Rate Explanation: Note 3 Indirect Cost RateMemphis Jewish Housing Development Corporation dba Plough Towers has elected not to use the 10-percent de minimisindirect cost rate allowed under Uniform Guidance.
MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS (14.155) - Balances outstanding at the end of the audit period were 3230128.