Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) included federal grant activity of Wesley Homes, Inc. which includes the follow projects = Asbury Harris, LLC, Branan Lodge, LLC, Branan Towers, LLC, Lanier Gardens, and St. John Towers) under programs of the federal government for the year ended August 31, 2022. The information in the 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 (Uniform Guidance). Because the Schedule only presents a selected portion of the operations of Wesley Homes, Inc. Expenditures reports 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: Asbury Harris, LLC auditee did not use the de minimis cost rate allowed under the Uniform Guidance. Branan Lodge, LLC auditee did not use the de minimis cost rate allowed under the Uniform Guidance. Branan Towers, LLC auditee did not use the de minimis cost rate allowed under the Uniform Guidance. Lanier Gardens auditee did not use the de minimis cost rate allowed under the Uniform Guidance. St. John Towers auditee did not use the de minimis cost rate allowed under the Uniform Guidance.
MORTGAGE INSURANCE RENTAL HOUSING (14.134) - Balance outstanding at the end of the audit period were $6,654,402. OPERATING ASSISTANCE FOR TROUBLED MULTIFAMILY HOUSING PROJECT (FLEXIBLE SUBSIDY) (14.164) - Balances outstanding at the end of the audit period were $1,165,687.