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 Northwest Housing Alternatives, Inc. 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 (the Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Northwest Housing Alternatives, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Northwest Housing Alternatives, Inc.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures 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 reimbursement. LOAN PROGRAMSThe U.S. Department of Housing and Urban Development has issued notes and mortgages to Northwest Housing Alternatives, Inc. in connection with certain capital advances. These notes and mortgages have 40 to 55-year terms. Northwest Housing Alternatives, Inc. is not required to repay principal or interest and the notes are forgiven at maturity, as long as Northwest Housing Alternatives, Inc. provides housing for the designated class of people in accordance with applicable HUD requirements. As reported in the Schedule, capital advances made to the Organization by HUD and passed through to subrecipients in prior years total $17,574,200.
De Minimis Rate Used: N
Rate Explanation: Northwest Housing Alternatives, Inc. has not used the 10% de minimis indirect cost rate under the Uniform Guidance.
SUPPORTIVE HOUSING FOR THE ELDERLY (14.157) - Balances outstanding at the end of the audit period were 15869700. SUPPORTIVE HOUSING FOR PERSONS WITH DISABILITIES (14.181) - Balances outstanding at the end of the audit period were 1704500.