Notes to SEFA
Title: Note 4: Federal Loan Balance
Accounting Policies: Note 1: Basis of Presentation:
This schedule of expenditures of federal awards includes the federal award activity of Mangum Golden
Age Apartments, Inc. under programs of the federal government for the year ended September 30, 2024.
The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of
Federal Regulations Part 200, Uniform Administrative Requirements, Cost, Principles, and Audits for
Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the
operations of Mangum Golden Age Apartments, Inc., it is not intended to and does not present the
financial position, changes in net assets, or cash flows of Mangum Golden Age Apartments, Inc.
Note 2: Summary of Significant Accounting Policies:
Expenditures reporting 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.
De Minimis Rate Used: N
Rate Explanation: Note 3: Indirect Cost Rate:
Mangum Golden Age Apartments, Inc. has elected not to use the 10% de minimis indirect cost rate
allowed under the Uniform Guidance.
The outstanding federal loan balance outstanding as of September 30, 2024, was $1,433,066 and is included in the federal expenditures presented in the schedule.