Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: NOTE 1 - BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards includes the federal expenditures activity of Lake View Towers Residents Association Inc., HUD Project No. 071-11448, 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 the preparation of, the basic financial statements. NOTE 2 - OTHER FEDERAL ASSISTANCE During the year ended December 31, 2022, the Organization did not receive any other Federal assistance such as non-cash assistance, insurance, loans or loan guarantees.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS (14.155) - Balances outstanding at the end of the audit period were 62647550.