Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal award activity of Community Reinvestment Foundation - II, Inc. d/b/a Cloverleaf Apartments, Phase I 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). Because the Schedule presents only a selected portion of the operations of Community Reinvestment Foundation - I, Inc. d/b/a Cloverleaf Apartments, Phase I, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Community Reinvestment Foundation - I, Inc. d/b/a Cloverleaf Apartments, Phase I.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
SECTION 223(F) LOAN (14.155) - Balance outstanding at the end of the audit period wwas $1,734,022.