Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Basis of Presentation This schedule of expenditures of federal awards includes the federal grant activity of Geneva General Housing Development Fund Company, Inc., HUD Project No. 014-11233, 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.
De Minimis Rate Used: N
Rate Explanation: Adamski Village Apartments has elected not to use the 10% deminimis indirect cost rate as allowed under the Uniform Guidance.
Adamski Village Apartments obtained from HUD a guarantee of its mortgage payable. The outstanding balance of this mortgage at March 31, 2022 was $1,865,701.