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, Phase II, Inc., HUD Project No.023-EH217, 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 2U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, CostPrinciples, and Audit Requirements for Federal Awards (Uniform Guidance). Because theSchedule presents only a selected portion of the operations of Union Congregational ChurchHomes, Phase II, Inc., it is not intended to and does not present the financial position, changesin net assets, or cash flows of Union Congregational Church Homes, Phase II, 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, Phase II, Inc. has received a U.S. Department ofHousing and Urban Development direct loan under Section 202 of the National Housing Act.The loan balance outstanding at the beginning of the year is included in the federal expenditurespresented in the Schedule. Union Congregational Church Homes, Phase II, Inc. received noadditional loans during the year. The balance of the loan outstanding at December 31, 2022consists of:FederalCFDA Number Program NameOutstandingBalance atDecember 31, 202214.157 Supportive Housing for the Elderly (Section 202) $ 1,013,700