Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: THE ACCOMPANYING SCHEDULE OF FEDERAL FINANCIAL AWARDS (THE SCHEDULE) INCLUDES THE FEDERAL AWARD ACTIVITY OF PENN NORTH PLAZA, INC. UNDER PROGRAMS OF THE FEDERAL GOVERNMENT FOR THE YEAR ENDED JUNE 30, 2022. 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). BEACUSE THE SCHEDULE PRESENTS ONLY A SELECTED PORTION OF THE OPEARTIONS OF PENN NORTH PLAZA, INC., IT IS NOT INTENDED TO AND DOEST NOT PRESENT THE FINANCIAL POSITION, CHANGES IN NET ASSETS AND CASH FLOWS OF PENN NORTH PLAZA, INC. NOTE 2 SUMMARY OF SIGNIFICANT ACCOUTNING PRINCIPLES - EXPENDITURES REPORTED ON THE SCHEDULE ARE REPORTED ON THE ACCRUAL BASIS OF ACCOUTNING.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
SUPPORTIVE HOUSING FOR THE ELDERLY (14.157) - Balances outstanding at the end of the audit period were 3957175.