Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of GrandAvenue ECDC Housing, Inc., HUD Project No. 067-HD087, and is presented on the accrual basis ofaccounting. 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. Therefore, some amounts presented in this schedule may differfrom amounts presented in, or used in the presentation of, the basic financial statements.As disclosed in the notes to the financial statements, the Capital Advance is a forgivable, non-interestbearing loan.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
SUPPORTIVE HOUSING FOR PERSONS WITH DISABILITIES (14.181) - Balances outstanding at the end of the audit period were 1772900.