Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: (A)BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards includes the federal grant activity of St. Mary Magdalene Apartments, Inc. and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
SUPPORTIVE HOUSING FOR THE ELDERLY (14.157) - Balances outstanding at the end of the audit period were 1366300. See Note G to the financial statement for further information.