Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal award activity of Brownsburg Village, Inc. d/b/a Lakeview Place Apartments and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations 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 Brownsburg Village, Inc. d/b/a Lakeview Place Apartments, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Brownsburg Village, Inc. d/b/a Lakeview Place Apartments.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
SECTION 223(F) LOAN (14.155) - Balance outstanding at the end of the audit period was $1,208,068.