Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Note 1 - Basis of PresentationThe accompanying schedule of expenditures of federal awards (the Schedule) includes thefederal award activity of Union Congregational Church Homes, Inc., HUD Project No. 023-35372, under programs of the federal government for the year ended December 31, 2022. Theinformation 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 Schedulepresents only a selected portion of the operations of Union Congregational Church Homes, Inc.,it is not intended to and does not present the financial position, changes in net assets, or cashflows of Union Congregational Church Homes, Inc.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, and the cost principles contained in the UniformGuidance.
De Minimis Rate Used: N
Rate Explanation: Note 3 - Indirect Cost RateThe Organization does not have a federally approved negotiated indirect cost rate agreementand, therefore, is subject to the 10-percent de minimis indirect cost rate under the UniformGuidance.
Note 4 - U.S. Department of Housing and Urban Development Loan ProgramUnion Congregational Church Homes, Inc. has received a U.S. Department of Housing andUrban Development direct loan under Section 221(d)(4) of the National Housing Act. The loanbalance outstanding at the beginning of the year is included in the federal expenditurespresented in the Schedule. Union Congregational Church Homes, Inc. received no additionalloans during the year. The balance of the loan outstanding at December 31, 2022 consists of:FederalCFDA Number Program NameOutstandingBalance atDecember 31, 202214.135Mortgage Insurance Rental and Cooperative Housingfor Moderate Income Families and Elderly, MarketInterest Rate (Section 221(d)(4)) $ 35,336,260