Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: NOTE ABASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards includes the federal grant activity of Coleman Crawford Estates, HUD Project No. 065-EH105, and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with requirements of Title 2 U.S. Code of Federal Regulations, Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Because the schedule presents only a selected portion of the operations of Coleman Crawford Estates it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Project.NOTE BSUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures 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 PROGRAMColeman Crawford Estates has a U.S. Department of Housing and Urban Development (HUD) direct loan under Section 202 of the National Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Coleman Crawford Estates received no additional loans during the year. The balances of the loans outstanding at December 31, 2022 consist of:Program Name Section 207/223 (f) Insured Loan. CFDA Number 14.155. Outstanding Balance at December 31, 2022. 1,518,464 Program Name Section 202 Direct Loan . CFDA Number 14.157. Outstanding Balance at December 31, 2022: 544,540. Total: 2,063,004
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
SUPPORTIVE HOUSING FOR THE ELDERLY (14.157) - Balances outstanding at the end of the audit period were 544540. MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS (14.155) - Balances outstanding at the end of the audit period were 1518464.