Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal granting activity ofMagnolia Gardens, Inc. HUD Project 051-EE055 (Magnolia) and is presented on the accrual basis ofaccounting. The information in this schedule is presented in accordance with the requirements of Title 2U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles,and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule maydiffer 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.
SUPPORTIVE HOUSING FOR THE ELDERLY (14.157) - Balances outstanding at the end of the audit period is 3,967,600.