Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: EXPENDITURES REPORTED ON THE SCHEDULE ARE REPORTED ON THE ACCRUAL BASIS OF ACCOUNTING. SUCH EXPENDITURES ARE RECOGNIZED FOLLOWING THE COST PRINCIPLES IN THE UNIFORM GUIDANCE, WHERIN 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 PROJECTS (14.155) - Balances outstanding at the end of the audit period were 1138781.
Title: LOAN PROGRAM
Accounting Policies: EXPENDITURES REPORTED ON THE SCHEDULE ARE REPORTED ON THE ACCRUAL BASIS OF ACCOUNTING. SUCH EXPENDITURES ARE RECOGNIZED FOLLOWING THE COST PRINCIPLES IN THE UNIFORM GUIDANCE, WHERIN 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 AUDITEE HAS A LOAN UNDER SECTION 223(F) INSURED BY US DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT. THE LOAN BALANCE OUTSTANDING AT THE BEGINNING OF THE YEAR IS INCLUDED IN THE FEDERAL EXPENDITURES PRESENTED IN THE SCHEDULE. THE AUDITEE RECEIVED NO ADDITIONAL LOANS DURING THE YEAR.