Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Basis of PresentationThe accompanying schedule of expenditures of federal awards includes the federal grantactivity of Sterling Grove Housing Development, Inc., d/b/a Ed Washington Place Apartments and ispresented on the accrual basis of accounting. The information in this schedule is presented inaccordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (UniformGuidance). Because the schedule presents only a selected portion of the operations of Sterling GroveHousing Development, Inc., d/b/a Ed Washington Place Apartments, it is not intended to and does notpresent the financial position, changes in net assets, or cash flows of Sterling Grove HousingDevelopment, Inc., d/b/a Ed Washington Place Apartments.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. Sterling Grove Housing Development, Inc., d/b/a Ed Washington Place Apartments has notelected to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance.
MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS (14.155) - Balances outstanding at the end of the audit period were 1432003.