Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Summary of Significant Accounting Policies(1) Cost Principles for Non-Profit Organizations, wherein certain types of expendi-tures are not allowable or are limited as to reimbursement. Boylston Housing, Inc. reimbursement is not based on cost principles but is based on tenant eligibility and personal income levels.(2) Boylston Housing, Inc. has elected to use the 10 percent de minimis indirect cost rate as allowed under The Uniform Guidance. Boylston Housing, Inc. does not have to allocate income among programs as the only program is operating the hous-ing facility.(3) The outstanding balance of loan and loan guarantee programs at December 31, 2022 with continuing compliance requirements which are reported as federal ex-penditures on the accompanying schedule of expenditures of Federal Awards was $1,106,646.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
RURAL RENTAL HOUSING LOANS (10.415) - Balances outstanding at the end of the audit period were 1106646.