Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards include the federal grant activity of Mount Zion Garden Apartments, Inc. under programs for the federal government for the year ended December 31, 2022 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 Mount Zion Garden Apartments, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Mount Zion Garden Apartments, Inc.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
MORTGAGE INSURANCE_RENTAL HOUSING (14.134) - Balances outstanding at the end of the audit period were 1687094. FLEXIBLE SUBSIDY LOAN (14.164) - Balances outstanding at the end of the audit period were 1203979.