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 grant activity ofTalladega Presbyterian Apartments, Inc. HUD Project No. 062-EH165, and is presented on the accrualbasis of accounting. The information in this schedule is presented in accordance with the requirements ofTitle 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 aselected portion of the operations of Talladega Presbyterian Apartments, Inc., it is not intended to and doesnot present the financial position, changes in net assets, or cash flows of Talladega PresbyterianApartments, Inc.NOTE 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. Talladega Presbyterian Apartments,Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under the UniformGuidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
SUPPORTIVE HOUSING FOR THE ELDERLY (14.157) - Balances outstanding at the end of the audit period were 624160.