Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal award activity ofResidential Opportunities, Inc. under programs of the federal government for the year ended December31, 2022. The information in this schedule is presented in accordance with the requirements of theUniform Guidance. Because the Schedule presents only a selected portion of the operations of ResidentialOpportunities, Inc., it is not intended to and does not present the financial position, changes in net deficit,or cash flows of Residential Opportunities, Inc.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 ofexpenditures are not allowable or are limited as to reimbursement. Negative amounts shown on theSchedule represent adjustments or credits make in the normal course of business to amounts reported asexpenditures in prior years. Passthrough entity identifying numbers are presented where applicable. TheCorporation has elected not to use the 10% de minimis indirect cost rate allowed under the UniformGuidance.The mortgage balances at the beginning of the year and loans made during the year are included in thefederal expenditures presented in the Schedule.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
SUPPORTIVE HOUSING FOR PERSONS WITH DISABILITIES (14.181) - Balances outstanding at the end of the audit period were 1256203.