Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Davenport Lend-A-Hand Corporation under programs of the federal government for the year ended December 31, 2022 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 (CFR) 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 Davenport Lend-A-Hand Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Davenport Lend-A-Hand Corporation.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The loan outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. The loan balance of the loan outstanding at December 31, 2022 consists of Assistance listing number 14.155, Section 207/223(f) HUD Insured Loan Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects. The outstanding balance at December 31, 2022 was $3,168,693