Notes to SEFA
Title: Loan
Accounting Policies: This schedule includes the federal grant activity of SWMHP Nimens Espegard Apartments LLC under
programs of the federal government for the year ended December 31, 2023. The information
presented 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 (the Uniform Guidance). Because the schedule presents only a
selected portion of the operations of SWMHP Nimens Espegard Apartments LLC, it is not intended to
and does not present the balance sheet, statement of operations, or cash flows of SWMHP Nimens
Espegard Apartments LLC.
De Minimis Rate Used: N
Rate Explanation: (1) Expenditures reported on the Schedule are reported on the accrual basis of accounting, except for
the guaranteed loan as discussed below.
(2) SWMHP Nimens Espegard Apartments LLC’s federal awards are not based on eligible costs incurred.
Accordingly, SWMHP Nimens Espegard Apartments LLC has not made an election related to the use of
the 10% de minimis indirect cost rate described in the Uniform Guidance.
Federal expenditures for the Section 515 Rural Rental Housing Guaranteed Loans program represent
the balance at the beginning of the year balance of the loan outstanding from previous years for which
the grantor imposes continuing compliance requirements. The balance of the loan outstanding as of
December 31, 2023 was $1,570,607.