Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Stovall Terrace, HUD Project No. 12211231, and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of OMB Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of , the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
SECTION 8 HOUSING ASSISTANCE PAYMENTS PROGRAM (14.195) - Balances outstanding at the end of the audit period were 1737466. HUD LOAN GUARANTEE ORIX REAL ESTATE CAPITAL (14.138) - Balances outstanding at the end of the audit period were 4555479.