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 grant activity ofMetcalfe Garden Apartments, RD Case No. 28-076-640656034, and is presented on the accrual basisof accounting. The information in this schedule is presented in accordance with requirements of Title 2U.S. Code of Federal Regulations, Part 200, Uniform Administrative Requirements, CostPrinciples, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, someamounts presented in this schedule may differ from amounts presented in, or used in the preparationof, the basic financial statements. Because the Schedule presents only a selected portion of theoperations of Metcalfe Garden Apartments, it is not intended to and does not present the financialposition, changes in net assets, or cash flows of the Entity.NOTE B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the Uniform Guidance, whereincertain types of expenditures are not allowable or are limited as to reimbursement.NOTE C U.S. DEPARTMENT OF AGRICULTURE RURAL RENTAL HOUSING LOAN Metcalfe Garden Apartments has received a U.S. Department of Agriculture Rural Rental Housingloan. The loan balance outstanding at the beginning of the year is included in the federal expenditurespresented in the Schedule. Metcalfe Garden Apartments received no additional loans during the year.The balance of the loan outstanding at December 31, 2022 consists of:Program Name: Rural Rental Housing Loan. CFDA Number 10.415. Outstanding Balance at December 31, 2022: 643,855
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 643855.