Notes to SEFA
Title: Loans Outstanding
Accounting Policies: The accompanying schedule of federal awards includes the federal grant activity of Birch Apartments, Inc. (the
Organization) and is presented on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Auditee did not use de minimis cost rate.
The accompanying schedule of federal awards includes the federal grant activity of Birch Apartments, Inc. (the
Organization) and is presented on the accrual basis of accounting. 1039900