Notes to SEFA
Title: LOAN PROGRAM
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the OMB Circular A-122, Cost Principles for Nonprofit Organizations or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass through entity identifying numbers are presented where available.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The following is the activity of the loan payable for the year ended March 31, 2022: Assistance Listing Number: 14.157, Program Name: Supportive Housing for the Elderly - Section 202, Loan Outstanding March 31, 2021: $497,087, Loans Awarded for the Year Ended March 31, 2022: $0, Loan Principal Repaid for the Year Ended March 31, 2022: $344,156, Loan Outstanding March 31, 2022: $152,931.