Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: SUMMARY OF SIGNIFICANT 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 ofexpenditures are not allowable or are limited as to reimbursement. Nutley Senior Citizens Housing Corporationhas elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
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 $4,901,907.