Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: (1)BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal grant activity of The Antonian, Ltd. d/b/a Antonian Towers (the "Corporation") and is prepared using the accrual basis of accounting.(2)RELATIONSHIP TO BASIC FINANCIAL STATEMENTS. The information in the 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"). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.(3)INDIRECT COSTSThe Corporation has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.(4)LOAN PROGRAMThe Corporation has an outstanding loan balance of $2,516,216 with continuing compliance requirements under the U.S. Department of Housing and Urban Development Mortgage Insurance for the Purchase or Refinance of Existing Multi-Family Housing Projects.
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) - Balances outstanding at the end of the audit period were 2516214.