Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: NOTE A - BASIS OF PRESENTATION The schedule of expenditures of federal awards (the "Schedule") includes the federal grant activity of Hilltop House, Inc. and is presented on the accrual basis of accounting. 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, and Audit Requirements for Federal Awards (Uniform Guidance).Because the Schedule presents only a selected portion of financial information of Hilltop House, Inc. it is not intended to and does not present the financial position, changes in net assets or cash flows of Hilltop House, Inc. NOTE B - SIGNIFICANT ACCOUNTING POLICIES Hilltop House, Inc. has elected not to use the 10% de minimis indirect cost rate. Hilltop House, Inc. included on the schedule of expenditures of federal awards a HUD-insured mortgage. The outstanding balance of the loan at June 30, 2022 is $9,145,119.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
MORTGAGE INSURANCE_RENTAL AND COOPERATIVE HOUSING FOR MODERATE INCOME FAMILIES AND ELDERLY, MARKET INTEREST RATE (14.135) - Balances outstanding at the end of the audit period were 9145119.