Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: 1. The schedule of expenditures of federal awards includes the federal award activity of the Corporation. Theinformation in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of FederalRegulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements forFederal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations ofthe Corporation, it is not intended to and does not present the financial position, changes in net assets, or cashflows of the Corporation.2. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement. The Corporation has elected not to use the 10percent de-minimis indirect cost rate allowed under the Uniform Guidance.3. The Corporation received loans directly or indirectly from the U.S. Department of Housing and UrbanDevelopment which are included above. If there were no current year advances on the loan, the loan balanceabove reflects the beginning of the year balance. If there were advances on the loan, the loan balance abovereflects the highest balance during the year.4. Certain grants, while fully expended, contain continuing compliance requirements and are thus included in theSchedule.
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 3483200.