Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: 1. The accompanying schedule of Federal Awards includes the Federal Award activity of Mammoth Lakes Housing, Inc. under programs of the Federal Government for the year ended June 30, 2022. 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). 2. The accrual basis of accounting is used for expenditures. 3. $853,600 CDBG-R loan on May 25, 2011, due to the Town of Mammoth Lakes, 0% interest, due in 2066, continuing tenant income eligibility requirements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
COMMUNITY DEVELOPMENT BLOCK GRANT ARRA LOAN CDBG-R (14.253) - Balances outstanding at the end of the audit period were 853600.