Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Expenditures reported on the Schedule are reported 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 allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The outstanding balance of the HUD insured loan at June 30, 2022 with continuing compliance requirements which are reported as federal expenditures on the accompanying schedule of expenditures of federal awards was $2,571,442.