Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Expenditures 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS (14.155) - Miss Laura M. Raymond Homes, Inc. has received a U.S. Department of Housing and Urban Development loan guarantee under Section 223(f) of the National Housing Act and regulations, CFDA Number 14.155. The insured loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Miss Laura M. Raymond Homes, Inc. received no additional loans during the year. Balances outstanding at the end of the audit period were 2074010.
Title: Note 1 - Basis of Presentation
Accounting Policies: Expenditures 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards includes the federal award activity of Miss Laura M. Raymond Homes, Inc., 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 Part 200, 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 Miss Laura M. Raymond Homes, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Miss Laura M. Raymond Homes, Inc.