Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity ofTaylorsville Senior Housing Corporation, HUD Project No. 105-EE031, and is presented on the accrual basisof accounting. The information in this schedule is presented in accordance with the requirements of Title 2U.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 thisschedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.Management has elected to use the 10% de Minimis indirect cost rate for certain costs.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate. TAYLORSVILLE SENIOR HOUSING CORPORATIONSection 202 Capital Advance with the Department of Housing and Urban Development in the amount of$7,859,700. (See Note 2 Capital Advance). This loan balance outstanding is included in the federalexpenditures presented in the schedule
SUPPORTIVE HOUSING FOR THE ELDERLY (14.157) - Balances outstanding at the end of the audit period were 7859700.