Notes to SEFA
Title: Subrecipients
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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Taino Towers has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
No federal expenditures presented in this schedule were provided to subrecipients
Title: Loan outstanding
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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Taino Towers has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Taino Towers has a Department of Housing and Urban Development direct loan under Section 236 of the National Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. E Taino Towers received no additional loans during the year. The balance of the loan outstanding at February 28, 2023 was 39,961,528.