Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Wisconsin Housing Preservation Corp. & Subsidiaries under programs of the federal government for the year ended December 31, 2022 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 (CFR) 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 Wisconsin Housing Preservation Corp. & Subsidiaries, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Wisconsin Housing Preservation Corp. & Subsidiaries. Expenditures reported on the Schedule 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Loans outstanding at the beginning of the year are included in the Federal Expenditures presented in the schedule. The balance of the loans outstanding at December 31, 2022 consists of: RURAL RENTAL HOUSING LOANS (10.415) - Balances outstanding at the end of the audit period were 9585530. SECTION 515 MULTI-FAMILY HOUSING PRESERVATION REVOLOVING LOAN FUND DEMONSTRATION PROGRAM (10.415) - Balances outstanding at the end of the audit period were 1675039. THE RURAL DEVELOPMENT (RD) MULTI-FAMILY HOUSING REVITALIZATION DEMONSTRATION PROGRAM (MPR) (10.447) - Balances outstanding at the end of the audit period were 866122. MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS (14.155) - Balances outstanding at the end of the audit period were 20503643. SUPPORTIVE HOUSING FOR THE ELDERLY (14.157) - Balances outstanding at the end of the audit period were 660803. HOME INVESTMENT PARTNERSHIPS PROGRAM (14.239) - Balances outstanding at the end of the audit period were 3048996. ASSISTED HOUSING STABILITY AND ENERGY AND GREEN RETROFIT INVESTMENTS PROGRAM (RECOVERY ACT FUNDED) (14.318) - Balances outstanding at the end of the audit period were 970138.
Title: Capital Magnet Fund
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Wisconsin Housing Preservation Corp. & Subsidiaries under programs of the federal government for the year ended December 31, 2022 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 (CFR) 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 Wisconsin Housing Preservation Corp. & Subsidiaries, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Wisconsin Housing Preservation Corp. & Subsidiaries. Expenditures reported on the Schedule 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Expenditures reported on the Schedule for the Capital Magnet Fund represent amounts actually spent for qualified items plus amounts committed for future projects.