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 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: The auditee did not use the de minimis cost rate
The outstanding balance of the HUD Capital Advance at March 14, 2024 with continuing compliance
requirements which are reported as federal expenditures on the accompanying schedule of expenditures
of federal awards was $3,686,600.