Notes to SEFA
Title: Loan balance
Accounting Policies: 1. The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Gering Elderly Housing Corporation, d/b/a Grey Eagle Apartments, HUD Project 103-ED076 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 Part 200, Uniform Administrative Requirements, Costs Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: 3. The entity did not elect to use the 10% de minimus cost rate as covered in § 200.414 Indirect (F&A) costs.
2. The outstanding balance of the Section 202 Capital Advance Program mortgage at June 30, 2023 was $964,500.