Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in OMB Circular A-122,Cost Principles for Non-profit Organizations, wherein certain types of expenditures are notallowable or are limited as to reimbursement.United Church of Christ Foundation of Houston has elected not to use the 10 percent deminimus 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.
SECTION 223 (F) MORTGAGE INSURANCE PROGRAM (14.155) - Balances outstanding at the end of the audit period were 3047291.
Title: NOTE 1 - BASIS OF PRESENTATION
Accounting Policies: NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in OMB Circular A-122,Cost Principles for Non-profit Organizations, wherein certain types of expenditures are notallowable or are limited as to reimbursement.United Church of Christ Foundation of Houston has elected not to use the 10 percent deminimus 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.
The accompanying schedule of expenditures of federal awards (the Schedule) includes thefederal grant activity of United Church of Christ Foundation of Houston, HUD Project No.114-11312, and is presented on the accrual basis of accounting. The information in theSchedule is presented in accordance with the requirements of Title 2 U.S. Code of FederalRegulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, andAudit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presentsonly a selected portion of the operations of United Church of Christ Foundation of Houston,it is not intended to and does not present the financial position, changes in net assets, or cashflows of United Church of Christ Foundation of Houston.
Title: NOTE 3 - MORTGAGE NOTE PAYABLE
Accounting Policies: NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in OMB Circular A-122,Cost Principles for Non-profit Organizations, wherein certain types of expenditures are notallowable or are limited as to reimbursement.United Church of Christ Foundation of Houston has elected not to use the 10 percent deminimus 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.
The outstanding balance of the loan and loan guarantee program at December 31, 2022 withcontinuing compliance requirements which are reported as federal expenditures on theaccompanying schedule of expenditures of federal awards was $2,972,663.