Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying Schedule of Federal Awards includes the Federal grant activity of Spaulding Place Cooperative and is presented on the accrual basis of accounting. Spaulding Place Cooperative has not charged indirect costs to any of the federal programs. Therefore, the election on the 10 percent de minimis indirect cost rate is not applicable as allowed under Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
MORTGAGE INSURANCE_COOPERATIVE PROJECTS (14.126) - Balances outstanding at the end of the audit period were 4779679.