Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes thefederal award activity of National Affordable Housing Foundation Schenectady, Inc., HUD ProjectNo.: 014-11296, 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, andAudit Requirements for Federal Awards ("Uniform Guidance"). Because the Schedule presents onlya selected portion of the operations of National Affordable Housing Foundation Schenectady, Inc., itis not intended to and does not present the financial position, changes in net assets, or cash flowsof National Affordable Housing Foundation Schenectady, Inc. For the year ended December 31,2022, no awards were passed through to subrecipients.
De Minimis Rate Used: N
Rate Explanation: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the Uniform Guidance.National Affordable Housing Foundation Schenectady, Inc. has elected not to use the 10-percent deminimis indirect cost rate allowed under the Uniform Guidance.
National Affordable Housing Foundation Schenectady, Inc. has received a U.S. Department ofHousing and Urban Development direct loan under Section 207 of the National Housing Act. Theloan proceeds received in 2021 in connection with the refinancing of the Section 207 loan areincluded in the federal expenditures presented in the Schedule. The balance of the loan outstandingat December 31, 2022 consists of:Assistance Listing Number Program NameOutstandingBalance atDecember 31,202214.151 Section 223(a)(7) Insured Loan $ 19,386,173