Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Basis of PresentationThe accompanying schedule of expenditures of federal awards includes the federal grantactivity of Our Lady's Manor, Inc. and is presented on the accrual basis of accounting. Theinformation in this schedule is presented in accordance with the requirements of Title 2 U.S. Code ofFederal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance). Because the schedule presents only aselected portion of the operations of Our Lady's Manor, Inc., it is not intended to and does not presentthe financial position, changes in net assets, or cash flows of Our Ladys Manor, Inc.
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 5574105.