Notes to SEFA
Title: Section 108 Loan Guarantee Program
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Authority and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of OMB Uniform Grant Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements. The Authority has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The U.S. Department of Housing and Urban Development provided the Authority with four loan guarantees under CFDA Number 14.248. Loan activity for the year ended December 31, 2022, is as follows: Balance OutstandingDecember 31,2021 New Loans RepaymentsBalance Outstanding December 31, 2022 HUD SECTION 108 LOAN Studio Centre County of Montgomery $ 6,330,000 $ - $ (690,000) $ 5,640,000 Municipality of Norristown 3,415,933 - (380,000) 3,035,933 Ambler Boiler House 2,238,000 - (188,000) 2,050,000 $ 11,983,933 $ - $ (1,258,000) $ 10,725,933