Notes to SEFA
Title: Loan/loan Guarantee outstanding balances
Accounting Policies: Expenditures reported on the schedule are reported on the accruel basis of accunting. 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: The auditee did not use the de minimis cost rate.
Mortgage Insurance Rental Housing for the Elderly (14.138) - Balances outstanding at the end of the audit period were $3,561,578.