Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Program 14.155 represents the outstanding mortgage note balance as of the beginning of the year. There were $184,027 of principal payments made during the yearended May 31, 2022 resulting in a balance of $3,357,446 at May 31, 2022.The accompanying schedule of expenditures of federal awards includes the federal grant activity of G.D.L. Plaza Corporation, HUD Project No. 034-11165, and is presented on the accrual basis of accounting. The information in this schedule ispresented in accordance with the requirements of the Uniform Guidance.Therefore, some amounts presented in this schedule may differ 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.
MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS (14.155) - Balances outstanding at the end of the audit period were 3357446.