Notes to SEFA
Title: Loan/ loan guarantee outstanding balances
Accounting Policies: Expenditures reported on the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: HAC has elected not to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.
HAC has two revolving loan funds that are funded by federal agencies. Repayments to HAC are considered program revenue, and loans of such funds to eligible borrowers are considered expenditures under the Self-Help Homeownership Opportunity Program (ALN 14.247). Loan disbursements under the Rural Rental Housing Loans (ALN 10.415) and Intermediary Relending Program (ALN 10.767) are also considered expenditures, but repayments to HAC are not considered program revenue. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented on the schedule. The balance of loans outstanding at September 30, 2022, consists of: Rural Rental Housing Loans(10.415)- Balances outstanding at the end of the audit period were $9,710,301.Self-Help Homeownership Opportunity Program (14.247)- Balances outstanding at the end of the audit period were $4,470,214. Intermediary Relending Program (10.767)- Balances outstanding at the end of the audit period were $230,932