Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: 1. BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards (the Schedule)includes the federal award activity of Episcopal Housing Development Corporation ofGrenada, Inc. under programs of the federal government for the year ended December31, 2022. The information in this Schedule is presented in accordance with therequirements of Title 2 U.S. Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for FederalAwards (Uniform Guidance). Because the Schedule presents only a selected portionof the operations of Episcopal Housing Development Corporation of Grenada, Inc., itis not intended to and does not present the financial position, changes in net assets,or cash flows of Episcopal Housing Development Corporation of Grenada, Inc.2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(1) Expenditures reported on the Schedule are reported on the accrual basis ofaccounting. Such expenditures are recognized following the cost principles containedin the Uniform Guidance, wherein certain types of expenditures are not allowable orare limited as to reimbursement.(2) Episcopal Housing Development Corporation of Grenada, Inc. has elected not touse the 10 percent de minimis indirect cost rate as allowed under the UniformGuidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS (14.155) - Balances outstanding at the end of the audit period were 2607415.