Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Notes to the Schedule of Federal Awards:1. The accompanying schedule of federal awards (the Schedule) includes the federal award activity of Pride Garden Apartments under the programs of the federal government for the year ended June 30, 2022.The information in the Schedule is presented in accordance with the requirements of Title 2U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cos Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the Project, it is not intended to and does not present the Project's net financial postion, change in net position, or cash flows.2. Expenditures report on the Schedule 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.3. Pride Gardens has elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance.4. The outstanding balance of loan and loan guarantee programs at June 30, 2022, with continuing compliance requirements which are reported as federal expenditures on theaccompanying Schedule of Expenditures of Federal Awards was $684,818.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
RURAL RENTAL HOUSING LOANS (10.415) - Balances outstanding at the end of the audit period were 684818.