Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: NOTE A - BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards includes the federal award activity of TimberLake Housing Corporation and is presented on the accrual basis of accounting. The information in thisschedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part200, 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 TimberLake Housing Corporation, it is not intended to and does not present the financial position, changes in netassets, or cash flows of Timber Lake Housing CorporationNOTE B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expendituresare recognized following the cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement. Timber Lake Housing Corporation haselected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.NOTE C U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAMTimber Lake Housing Corporation has received a U.S. Department of Housing and Urban DevelopmentCapital Advance under Section 811 of the National Housing Act. The Capital Advance under Section 811balance outstanding at the beginning of the year is included in the federal expenditures presented in theSchedule. Timber Lake Housing Corporation received no additional Capital Advance loans during the year.The balance of the Capital Advance outstanding at December 31, 2022 consists of:CFDANumber Program NameOutstanding Balanceat December 31, 2022Supportive Housing for Persons with Disabilities(Section 811 Capital Advance)14.181 $ 869,200
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
SUPPORTIVE HOUSING FOR PERSONS WITH DISABILITIES (14.181) - Balances outstanding at the end of the audit period were 869200.