Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: This Schedule of Expenditures of Federal Awards includes the federal award activity of Heritage Acres, Inc., Heritage Acres III, LP, and Heritage Acres IV, LP and is presented on the accrual basis of accounting. The information in this schedule is presented 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 preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The balance of Rural Rental Housing federal loans outstanding as of December 31, 2022 was $4,237,592. The amount presented on the schedule for MPR loan funds represents loan proceeds received through 2022. These loans are not yet in repayment. Current year additions were $36,209.
Title: Subrecipients
Accounting Policies: This Schedule of Expenditures of Federal Awards includes the federal award activity of Heritage Acres, Inc., Heritage Acres III, LP, and Heritage Acres IV, LP and is presented on the accrual basis of accounting. The information in this schedule is presented 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 preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
There were no awards passed through to subrecipients.