Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: (a) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the UniformGuidance, wherein certain types of expenditures are not allowable or are limited as toreimbursement.(b) Garden Manor Apartments has elected not to use the 10 percent de minimis indirect cost rateas allowed under the Uniform Guidance.(c) The outstanding balance of loan and loan guarantee program at June 30, 2022 withcontinuing compliance requirements which are reported as federal expenditures on theaccompanying schedule of expenditures of federal awards was $1,194,030.
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 688850. MULTIFAMILY ASSISTED HOUSING REFORM AND AFFORDABILITY ACT (14.197) - Balances outstanding at the end of the audit period were 505180.
Title: Basis of Presentation
Accounting Policies: (a) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the UniformGuidance, wherein certain types of expenditures are not allowable or are limited as toreimbursement.(b) Garden Manor Apartments has elected not to use the 10 percent de minimis indirect cost rateas allowed under the Uniform Guidance.(c) The outstanding balance of loan and loan guarantee program at June 30, 2022 withcontinuing compliance requirements which are reported as federal expenditures on theaccompanying schedule of expenditures of federal awards was $1,194,030.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes thefederal grant activity of Garden Manor Apartments and is presented on the accrual basis ofaccounting. The information in this schedule is presented in accordance with the requirements ofTitle 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements,Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore,some amounts presented in this Schedule may differ from amounts presented in, or used in thepreparation of, the basic financial statements.