Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.The loan program included in expenditures above is the June 30, 2021 balance. TheJune 30, 2022 balance is $4,413,454.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
OPERATING ASSISTANCE FOR TROUBLED MULTIFAMILY HOUSING PROJECTS (14.164) - Balances outstanding at the end of the audit period were 4413454.
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.The loan program included in expenditures above is the June 30, 2021 balance. TheJune 30, 2022 balance is $4,413,454.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Golden Spike, Inc. under programs of the federal government for the year ended June 30, 2022. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for FederalAwards (Uniform Guidance). Because the Schedule presents only a selected portion ofthe operations of Golden Spike, Inc., it is not intended to and does not present the financialposition, changes in net assets, or cash flows of Golden Spike, Inc.