Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Expenditures are reported on the Schedule on the accrual basis of accounting. Such expenditures are recognized following the cost principles obtained in the Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the 10 percent de minimis indirect cost rate.
RURAL RENTAL HOUSING LOANS (10.415) - Balances outstanding at the end of the audit period were 767015.
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures are reported on the Schedule on the accrual basis of accounting. Such expenditures are recognized following the cost principles obtained in the Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the 10 percent de minimis indirect cost rate.
The schedule of expenditures of federal awards includes the federal grant and loan activity of Kalona Valley Apartments, Inc. under programs of the federal government for the year ended August 31, 2022. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selectedportion of the operations of Kalona Valley Apartments, Inc. it is not intended to and does not present the financial position, change in net assets, or cash flows of Kalona Valley Apartments, Inc.