Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity ofS.W.A.P., Inc. and is presented on the accrual basis of accounting. The information in this schedule ispresented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200,Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards.Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in, thepreparation of the financial statements. The Tax Credit Exchange Program amount is disclosure in theaccompanying financial statements as a component of long-term debt.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
TAX CREDIT EXCHANGE PROGRAM-ARRA (21.000) - Balances outstanding at the end of the audit period were 4797290.