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 ofChapel Hill Heights, Inc., HUD Project No. 065-35049, and is presented on the accrual basis ofaccounting. The information in this schedule is presented in accordance with requirements of Title2 U.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 thepreparation of, the basic financial statements. Because the schedule presents only a selectedportion of the operations of Chapel Hill Heights, Inc., it is not intended to and does not present thefinancial position, 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,wherein certain types of expenditures are not allowable or are limited as to reimbursement.NOTE CU.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM Chapel Hill Heights has received a U.S. Department of Housing and Urban Development mortgagerestructuring loan in connection with the Portfolio Reengineering Demonstration Program. Theloan balance outstanding at the beginning of the year is included in the federal expenditurespresented in the Schedule. Chapel Hill Heights received no additional loans during the year. Thebalance of the loan outstanding at December 31, 2022 consists of: Program Name: Mortgage Restructuring Loan CFDA Number 14.194 Outstanding Balance at December 31, 2022: 957375
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
MORTGAGE RESTRUCTURING LOAN (14.194) - Balances outstanding at the end of the audit period were 957375.