Notes to SEFA
Title: NOTE C - USDA RURAL DEVELOPMENT AND SECTION 515 LOAN PROGRAM
Accounting Policies: NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expendituresare recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Jardines de Aguada Project has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Jardines de Aguada Project has received a direct loan under Section 515 of USDA RuralDevelopment Housing of the National Housing Act. The loan balance outstanding at thebeginning of the year is included in the federal expenditures presented in the Schedule. Jardinesde Aguada Project received no additional loans during the year. The balance of the loanoutstanding at June 30, 2022 consists of: ALN Number 10.415 Program Name USDA RD Section 515 Direct Loan Outstanding BalanceJune 30, 2022 $1,545,909