Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Basis of Presentation This schedule of expenditures of federal awards includes the federal grant activity of St. Luke Housing Development Fund Company, Inc. (St. Luke Apartments), FHA Project No. 014-11157, (the Corporation), and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
De Minimis Rate Used: N
Rate Explanation: St. Luke Apartments has elected not to use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance.
MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS (14.155) - Balances outstanding at the end of the audit period were 3604752.