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 grant activity of Ayer Elderly Housing Partnership, Inc., under programs of thefederal government for the year ended June 30, 2022. The information in the schedule ispresented in accordance with the requirements of the requirements of Title 2 U.S. Code ofFederal Regulations Part 200, Uniform Administrative Requirement, Cost Principles, andAudit Requirements for Federal Awards (Uniform Guidance). Because the schedule presentsonly a selected portion of the operations of Ayer Elderly Housing Partnership, Inc., it is notintended to and does not present the financial position, changes in net assets or cash flows ofAyer Elderly Housing Partnership, Inc..NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the schedule are reported on the accrual basis of accounting. Forcost-reimbursement awards, such expenditures are recognized following the cost principlescontained in the Uniform Guidance, wherein certain types of expenditures are not allowableor are limited as to reimbursement. For performance-based awards, expenditures reportedrepresent amounts earned.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
SUPPORTIVE HOUSING FOR THE ELDERLY (14.157) - Balances outstanding at the end of the audit period were 3465200.