Notes to SEFA
Title: CAPITAL ADVANCE LOAN PROGRAM
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Center Park II, Inc., and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Organization did not elect to use the 10% de minimis indirect cost rate.
Center Park II, Inc. has received a U.S. Department of Housing and Urban Development direct capital advance loan under Section 202 of the National Housing Act. The loan balance at the beginning of the year is included in the federal expenditures presented in the Schedule. Center Park II, Inc. received no additional loans during the year. The balance of the outstanding capital advance loan as of August 31, 2023 is $5,143,200.