Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognizedfollowing the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or arelimited as to reimbursement. The Project has not elected to use the 10% de Minimis indirect cost rate as allowed under theUniform Guidance since the Project is a single purpose entity that only incurs costs based on the reasonable and necessarycosts for one single project. Federal loan programs with continuing program compliance requirements are presented on theSchedule with the beginning of the year loan balance. The ending balance is $2,530,300.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
SUPPORTIVE HOUSING FOR THE ELDERLY (14.157) - Balances outstanding at the end of the audit period were 2530300.