Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is prepared on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 US 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 the presentation of, the basic financial statements. INDIRECT COST RATE: River Park Apartments, Inc. has not elected to use the ten percent de Minimis indirect cost rate as allowed under the Uniform Guidance, but rather the rates established directly with the respective federal agency. OUTSTANDING LOAN BALANCES: River Park Apartments, Inc. has an outstanding capital advance loan at June 30, 2022 with HUD. The Project is not required to repay the principal or pay interest and the note is forgiven at maturity, as long as the project remains available for eligible program residents for 40 years in accordance with HUD requirements. The balance at June 30, 2022 was $1,121,100.
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 1121100.