Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: BASIS OF PRESENTATION: The accompanying schedule of expenditures of federal awards includes the federal award activity of Cabot Housing, Inc., HUD Community NO. 082-11098, and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 US 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 Cabot Housing, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Cabot Housing, Inc.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. 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. Cabot Housing, Inc. has elected not to use the 10-percent de minim us indirect cost rate allowed under the Uniform Guidance but rather the rates established directly with the respective federal agency.
MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS (14.155) - Balances outstanding at the end of the audit period were 1932288.