Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: This schedule includes the federal grant activity of CB Boulder Ridge LLC under programs of the federalgovernment for the year ended December 31, 2022. The information presented in this schedule is presentedin 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 (the UniformGuidance). Because the schedule presents only a selected portion of the operations of CB Boulder RidgeLLC, it is not intended to and does not present the financial position, changes in net assets, or cash flows ofCB Boulder Ridge LLC.
De Minimis Rate Used: N
Rate Explanation: (1) Expenditures are reported on the accrual basis of accounting except for the insured mortgage as discussed below.(2) CB Boulder Ridge LLCs federal award is not based on eligible costs incurred. Accordingly, CB Boulder Ridge LLC has not made an election to the use of the 10% de minimis indirect cost rate described in the UniformGuidance.
Federal expenditures for the mortgage insurance rental housing program represent the December 31,2021 balance of the mortgage funded in previous years ($9,712,042) plus advances on the mortgage in 2022 ($3,804,800) for which HUD imposes continuing compliance requirements. The balance of the loan as of December 31, 2022 is $13,349,384.