Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting, except for the guaranteed loan as discussed below.
De Minimis Rate Used: N
Rate Explanation: SWMHP Nimens Espegard Apartments LLCs federal awards are not based on eligible costs incurred. Accordingly, SWMHP Nimens Espegard Apartments LLC has not made an election related to the use of the 10% de minimis indirect cost rate described in the Uniform Guidance.
This schedule includes the federal grant activity of SWMHP Nimens Espegard Apartments LLC under programs of the federal government for the year ended December 31, 2022. The information presented in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Uniform Guidance). Because the schedule presents only a selected portion of the operations of SWMHP Nimens Espegard Apartments LLC, it is not intended to and does not present the balance sheet, statement of operations, or cash flows of SWMHP Nimens Espegard Apartments LLC.
Title: Loan
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting, except for the guaranteed loan as discussed below.
De Minimis Rate Used: N
Rate Explanation: SWMHP Nimens Espegard Apartments LLCs federal awards are not based on eligible costs incurred. Accordingly, SWMHP Nimens Espegard Apartments LLC has not made an election related to the use of the 10% de minimis indirect cost rate described in the Uniform Guidance.
Federal expenditures for the Section 515 Rural Rental Housing Guaranteed Loans program represent the balance at the beginning of the year balance of the loan outstanding from previous years for which the grantor imposes continuing compliance requirements. The balance of the loan outstanding as of December 31, 2022 was $1,590,317.