Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: 1. Scope of Audit Pursuant to Uniform GuidanceThe Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of all federal awardprograms of the Organization. All federal awards received directly from federal agencies as well as federalawards passed through other governmental agencies or other entities are included in the Schedule. TheOrganization has elected not to use the 10 percent de minimis indirect cost rate allowed under the UniformGuidance.2. Basis of PresentationThe Organization's Schedule of Expenditures of Federal Awards has been prepared using the same basisof accounting as the December 31, 2022 financial statements of the Organization. The Organizationreports to HUD using the accrual basis of accounting. A complete description of the basis of accountingis included in note 1 to those financial statements.3. ContingenciesIn connection with various federal grant programs, the Organization is obligated to administer relatedprograms and spend the funds in accordance with regulatory restrictions, and is subject to audit by grantoragencies and other auditors. In cases of noncompliance, the agencies involved may require theOrganization to refund program funds.4. Federally Funded and Insured LoansThe loan balance at the beginning of the year and loans made during the year are included in the federalexpenditures presented in the Schedule. The balance of the outstanding federally insured loan at December31, 2022 is $1,150,000.
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 1150000.