Notes to SEFA
Title: NOTE B
Accounting Policies: THE SCHEDULE OF EXPENDITURES WAS PREPARED ON THE ACCRUAL BASIS OF ACCOUNTING. THE INFORMATION IS PRESENTED IN ACCORDANCE WITH THE REQUIREMENTS OF TITLE 2 US CODE OF FEDERAL REGULATION PART 200 UNIFORM ADMINISTRATIVE REQUIREMENTS COST PRINCIPLES AND AUDIT REQUIREMENTS FOR FEDERAL AWARDS UNIFORM GUIDANCE
De Minimis Rate Used: N
Rate Explanation: THEY WERE NOT REQUIRED TO USE THE RATE
CULPEPPER GARDEN II, INC. HAS RECEIVED A SECTION 223(f) HUD INSURED MORTGAGE. THE LOAN BALANCE OUTSTANDING AT THE BEGINNING OF THE YEAR IS INCLUDED IN THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS. THE CORPORATION RECEIVED NOT ADDITIONAL LOANS DURING THE YEAR. THE BALANCE OF THE LOAN OUTSTANDING AT JUNE 30, 2024 WAS $3,237,117.