Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: NOTE A BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards includes the federal grant activity ofBirmingham Green Assisted Living, Inc., HUD Project Number 000-EE057 (the Project), and is presentedon the accrual basis of accounting. The information in this schedule is presented in accordance with therequirements of the Uniform Guidance. Because the Schedule presents only a selected portion of theoperations of the Project, it is not intended to and does not present the financial position, changes in netassets, or cash flows of the Project.NOTE B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expendituresare recognized following the cost principles contained in OMB Circular A-122, Cost Principles for Not-for-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as toreimbursement. The project is not required to allocate indirect costs.
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 6320600.