Notes to SEFA
Title: Loan guarantee on outstanding balance
Accounting Policies: Basis of Presentation - The schedule of expenditures of federal awards includes the federal award activity and 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 Requirement for Federal Awards (Uniform Guidance). It is not intended to present the financial position, changes in net assets or cash flows of Gaylord House Apartments. B. Summary of Significant Accounting Policies - Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Gaylord House Apartments has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. C. Federally Funded and Insured Mortgages - The mortgage balance at the beginning of the year and loans made during the year are included in the federal expenditures presented in the schedule listed above.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
Supportive Housing for the Elderly (14:157) Balances outstanding at the end of the audit period were 1,292,705