Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The Schedule of Expenditures of Federal Awards includes the federal grant activity of Interfaith Homes of Kalamazoo, a Non-Profit Housing Corporation, FHA Project No. 047-35212 (the Project) and is presented on the accrual basis of accounting. 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), wherein certain types of expenditures are not allowable or are limited as to reimbursement. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
HUD - MULTIFAMILY ASSISTED HOUSING REFORM AND AFFORDABILITY ACT (14.197) - Balances outstanding at the end of the audit period were 678976.