Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Expenditures reported on the Schedule are recognized using the cost principles contained in Uniform Guidance, and OMB Circular A122, Cost of Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
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 PORJECTS (14.155) - Balances outstanding at the end of the audit period were 1386598.
Title: Basis of presentation
Accounting Policies: Expenditures reported on the Schedule are recognized using the cost principles contained in Uniform Guidance, and OMB Circular A122, Cost of Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards includes the federal award activity of Maple Heights Apartments, Inc., HUD Project No. 074-11046, 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, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Maple Heights Apartments, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Maple Heights Apartments, Inc.
Title: U.S. Department of Housing and Urban Development Loan Program
Accounting Policies: Expenditures reported on the Schedule are recognized using the cost principles contained in Uniform Guidance, and OMB Circular A122, Cost of Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Maple Heights Apartments, Inc. has received a U.S. Department of Housing and Urban Development insured loan under Section 207/223(f) of the National Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Maple Heights Apartments, Inc. received no additional loans during the year.