Notes to SEFA
Title: Loan Outstanding
Accounting Policies: The above Schedule of Expenditures of Federal Awards includes the Federal assistance activity of the Organization and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects listed above represents the outstanding loan balance at June 30, 2021. The outstanding balance of this loan at June 30, 2022, is $1,130,691.