Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: 3.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESThe accompany schedule of expenditures of federal award transactions of the St. Marys Apartments, Inc., and is recorded 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 allowed or are limited as to reimbursement. St. Marys Apartments, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
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 were 7677000.
Title: LOAN/LOAN GUARANTEE OUTSTANDING BALANCES
Accounting Policies: 3.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESThe accompany schedule of expenditures of federal award transactions of the St. Marys Apartments, Inc., and is recorded 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 allowed or are limited as to reimbursement. St. Marys Apartments, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Supportive Housing for the Elderly under Section 202 14.157$7,677,000