Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Note 1 - Basis of PresentationThe accompanying schedule of expenditures of federal awards includes the federal grant activity of Birch LeafApartments, Inc. (the Organization) and is presented on the accrual basis of accounting. The information in thisschedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR)Part 200, Uniform Administrative Requirements, Cost Principals, and Audit Requirements for Federal Awards(Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in,or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Note 2 - Loans OutstandingThe Organization had the following loan/grant balances outstanding at December 31, 2022. These loan/grantbalances outstanding are also included in the federal expenditures presented in the schedule.AssistanceListing AmountCluster/Program Title Number OutstandingSupportive Housing for Persons with Disabilities (Section 811) 14.181 $ 797,800