Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Included within the Schedule of Expenditures of Federal Awards, RTP has one loan that was outstanding during the year ended September 30, 2022. We have considered this loan issuance in determining programs to be tested under the Uniform Guidance. Outstanding loans (Federal loans made to the School from a federal agency) Community Facilities Loans and Grants Cluster 10.766. Mortgage payable to USDA, Rural Development, in the amount of $2,331,000. Monthly principal and interest payments of $7,530, with interest at an effective rate of 2.375%, matures in April 2062, secured by real estate. $ 2,316,497 Total outstanding loan programs $ 2,316,497