Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: NOTE A - ACCOUNTING BASISBASIC FINANCIAL STATEMENTSThe accounting policies of the Project conform to accounting principles generally accepted inthe United States of America as applicable to nonprofit organizations.SCHEDULE OF EXPENDITURES OF FEDERAL AWARDSThe accompanying schedule of expenditures of federal awards has been prepared on theaccrual basis consistent with the preparation of the basic financial statements. Informationincluded in the schedule of expenditures of federal awards is presented in accordance with therequirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (UniformGuidance).For cost reimbursement awards, revenues are recognized to the extent of expenditures.Expenditures have been recognized to the extent the related obligation was incurred withinthe applicable grant period and liquidated within 90 days after the end of the grant period.For performance-based awards, revenues are recognized to the extent of performanceachieved during the grant period.Metacomet Homes, Inc. has not elected to use the 10% de Minimis indirect cost rate.The December 31, 2022 balances of the loans included in the accompanying schedule ofexpenditures of federal awards was $1,148,358.
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 1148358.