Notes to SEFA
Title: Insured Mortgage Loan
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting, except forthe guaranteed loan as discussed below.
De Minimis Rate Used: N
Rate Explanation: Cokato Apartments, Inc.s federal awards are not based on eligible costs incurred. Accordingly,Cokato Apartments, Inc. has not made an election related to the use of the 10% de minimis indirectcost rate described in the Uniform Guidance.
Federal expenditures for the Section 515 Rural Rental Housing Guaranteed Loans program representthe balance at the beginning of the year balance of the loan outstanding from previous years for whichthe grantor imposes continuing compliance requirements. The balance of the loans outstanding as ofDecember 31, 2022 was $1,329,568.
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting, except forthe guaranteed loan as discussed below.
De Minimis Rate Used: N
Rate Explanation: Cokato Apartments, Inc.s federal awards are not based on eligible costs incurred. Accordingly,Cokato Apartments, Inc. has not made an election related to the use of the 10% de minimis indirectcost rate described in the Uniform Guidance.
This schedule includes the federal grant activity of Cokato Apartments, Inc. under programs of thefederal government for the year ended December 31, 2022. The information presented 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 for FederalAwards (the Uniform Guidance). Because the schedule presents only a selected portion of theoperations of Cokato Apartments, Inc., it is not intended to and does not present the balance sheet,statement of operations, or cash flows of Cokato Apartments, Inc.