Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Notes to the Schedule of Federal Awards:1. The accompanying Schedule of Expenditures of Federal Awards includes the federalgrant activity of Matthews Retirement Center, HUD Project No. 065-11071-NP, andis presented on the accrual basis of accounting. The information in this schedule ispresented in accordance with the requirements of Title 2 U.S. Code of FederalRegulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principals,and Audit Requirements for Federal Awards ( Uniform Guidance). Because theSchedule presents only a selected portion of the Project, it is not intended to and doesnot present the Projects net financial position, change in net position, or cash flows.Therefore, some amounts presented in this schedule may differ from amountspresented in, or used in the preparation of, the basic financial statements.2. Expenditures report on the Schedule are reported on the accrual basis of accounting.Such expenditures are recognized following the cost principles contained in theUniform Guidance, wherein certain types of expenditures are not allowable or arelimited as to reimbursement.3. Matthews Retirement Center has elected not to use the 10 percent de minimusindirect cost rate as allowed under the Uniform Guidance.4. The outstanding balance of loan and loan guarantee programs at May 31, 2022, withcontinuing compliance requirements which are reported as federal expenditures onthe accompanying Schedule of Expenditures of Federal Awards was $1,669,580.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS (14.155) - Balances outstanding at the end of the audit period were 1669580.