Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: NOTE A - BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards includes the federal award activity ofBuckingham Terrace, Inc. and is presented on the accrual basis of accounting. The information in thisschedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards(Uniform Guidance). Because the Schedule presents only a selected portion of the operations ofBuckingham Terrace, Inc., it is not intended to and does not present the financial position, changes in netassets, or cash flows of Buckingham Terrace, Inc.NOTE B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expendituresare recognized following the cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement. Buckingham Terrace, Inc. has electednot to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.NOTE C U.S. Department of Housing and Urban Development Loan ProgramBuckingham Terrace, Inc. has received a U.S. Department of Housing and Urban Development capitaladvance under Section 202 of the National Housing Act. The capital advance outstanding at the beginningof the year is included in the federal expenditures presented in the Schedule. Buckingham Terrace, Inc.received no additional capital advances during the year. The balance of the capital advance outstanding atFebruary 28, 2022 consists of:Outstanding BalanceCFDA Number Program Name at February 28, 202214.157 Supportive Housing for the Elderly -Capital Advance $ 1,931,500
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 1931500.