Notes to SEFA
Title: Loan/loan guarentee outstanding balances
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal
award activity of Davenport Lend-A-Hand Corporation under programs of the federal government for
the year ended December 31, 2023 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 (Uniform Guidance). Because the Schedule presents only a
selected portion of the operations of Davenport Lend-A-Hand Corporation, it is not intended to and
does not present the financial position, changes in net assets, or cash flows of Davenport Lend-AHand
Corporation.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate
The loan outstanding at the beginning of the year is included in the federal expenditures presented in
the Schedule. The balance of loan outstanding at December 31, 2023 consists of Assistance listing number 14.155, Section 207/223(f) HUD Insured Loan Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects. The outstanding balance at December 31, 2023 was $3,057,451