Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: (A) - BASIS OF PRESENTATION: The accompanying schedule of expenditures of federal awards includes the federal award activity of Southwest 141 Street Housing Development Fund Company, Inc., FHA Project # 012-11516, 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 Southwest 141 Street Housing Development Fund Company, Inc., it is not intended to, and does not, present the statement of financial position as of December 31, 2022, and the related statements of activities, changes in net assets (deficit), and cash flows of Southwest 141 Street Housing Development Fund Company, Inc. (B) - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: 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 reimbursement. Southwest 141 Street Housing Development Fund Company, Inc. has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT INSURED LOAN PROGRAM: Southwest 141 Street Housing Development Fund Company, Inc. has received a U.S. Department of Housing and Urban Development loan insured under Section 223(f) of the National Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the schedule. Southwest 141 Street Housing Development Fund Company, Inc. received no additional loan during the year. The balance of the loan outstanding at December 31, 2022 is $9,792,530.