Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: (1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in Uniform Guidance, whereincertain types of expenditures are not allowable or are limited as to reimbursement.(2) Liberty Towers Incorporated of Clarion, Inc. has not elected to use the 10 percent de minimisindirect cost rate as allowed under the Uniform Guidance.
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 1587772.
Title: Basis of Presentation
Accounting Policies: (1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in Uniform Guidance, whereincertain types of expenditures are not allowable or are limited as to reimbursement.(2) Liberty Towers Incorporated of Clarion, Inc. has not elected to use the 10 percent de minimisindirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the federalaward activity of Liberty Towers Incorporated of Clarion, Inc., HUD Project #033-11057, underprograms of the federal government for the year ended June 30, 2022. The information in thisSchedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal RegulationsPart 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements forFederal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of theoperations of Liberty Towers Incorporated of Clarion, Inc., it is not intended to and does not presentthe financial position, changes in net assets, or cash flows of Liberty Towers Incorporated of Clarion,Inc.