Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Basis of Presentation: The accompanying schedule of expenditures of federal awards includes the federal grant activity ofEpiscopal Apartments of the Slate Belt, Inc. Project No.034-EH057 (the Project), and is presented on the accrual basis ofaccounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of FederalRegulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards(Uniform Guidance).Because the Schedule presents only a selected portion of the operations of the Project, it is not intendedand does not present the financial position, changes in net assets, or cash flows of the Project. Expenditures reported on theSchedule are reported on the accrual basis of accounting, Such expenditures are recognized using the principles contained in2 U.S. Code of Federal Regulations (CFR) Part 200, Cost Principles wherein certain types of expenditures are not allowableor are limited as to reimbursement.
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 2623285.