Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: NOTE A - Basis of PresentationThe accompanying schedule of expenditures of federal awards includes the federal award activity ofChristian Services to the Elderly, Inc. HUD Project No. 062-11217, and is presented on the accrual basisof accounting. The information in this schedule is presented in accordance with the requirements of Title 2U. S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, andAudit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only aselected portion of the operations of Christian Services to the Elderly, Inc., it is not intended to and doesnot present the financial position, changes in net assets, or cash flows of Christian Services to the Elderly,Inc.NOTE B Summary of Significant Accounting PoliciesExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expendituresare recognized following the cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement. Christian Services to the Elderly, Inc.has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
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 2660954.