Notes to SEFA
Title: NOTE 3 – YEAR-END LOAN BALANCES
Accounting Policies: Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards and OMB Circular A-122, Cost Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowed. Assistance Listing numbers (“AL No.”) are provided when available.
De Minimis Rate Used: N
Rate Explanation: Saratoga Court, Inc. elected not to use the 10% de minimis indirect cost rate.
The following represents the amount of outstanding loans identified by AL No. All loans are provided by HUD and
are included in the Schedule.
Prior year loans with
Loans continuing Total
AL received compliance outstanding
No. Program title in 2024 requirements loans
14.155 Mortgage Insurance for the
Purchase or Refinancing of
Existing Multifamily Housing
Projects $ - $ 1,996,108 $ 1,996,108