Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis ofaccounting. Such expenditures are recognized following the cost principlescontained in the Uniform Guidance, wherein certain types of expendituresare not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
THE RURAL DEVELOPMENT (RD) MULTI-FAMILY HOUSING REVITALIZATION DEMONSTRATION PROGRAM (MPR) (10.447) - Balances outstanding at the end of the audit period were 1404946.
Title: Outstanding Loans
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis ofaccounting. Such expenditures are recognized following the cost principlescontained in the Uniform Guidance, wherein certain types of expendituresare not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
In addition to programs reported on the Schedule of Expenditures of FederalAwards, Eastport Non-Profit Housing Corporation has outstanding federal loans asfollows. We have considered these outstanding loan balances in determining programsto be tested under the Uniform Guidance.Federal Beginning OutstandingAL Balance New BalanceNumber 1/1/2022 Loans 12/31/2022Multi-Family Housing Revitalization DemontrationProgram (MPR) 10.447 $ 592,335 $ 812,611 $ 1,404,946