Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: NOTE A - BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards includes the federal award activity of GwinnettChristian Terrace, LLC and is presented on the accrual basis of accounting. The information in this schedule ispresented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (UniformGuidance). Because the Schedule presents only a selected portion of the operations of Gwinnett ChristianTerrace, LLC, it is not intended to and does not present the financial position, changes in net assets, or cash flowsof Gwinnett Christian Terrace, LLC.NOTE B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement. Gwinnett Christian Terrace, LLC has electednot to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.NOTE C U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAMGwinnett Christian Terrace, LLC has received a U.S. Department of Housing and Urban Development insuredloan under Section 223(f). The loan balance outstanding at the beginning of the year is included in the federalexpenditures presented in the Schedule. Gwinnett Christian Terrace, LLC received no additional loans duringthe year. The balance of the loan outstanding at June 30, 2022 consists of:Outstanding BalanceCFDA Number Program Name at June 30, 202214.155 Mortgage Insurance for the Purchase of orRefinancing of existing Multifamily Housing Projects $ 9,554,200
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS (14.155) - Balances outstanding at the end of the audit period were 9554200.