Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: NOTE A BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards includes the federal grantactivity of, HUD Project No. 065-EH104-L8, and is presented on the accrual basis ofaccounting. The information in this schedule is presented in accordance with requirements ofTitle 2 U.S. Code of Federal Regulations, Part 200, Uniform Administrative Requirements,Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore,some amounts presented in this schedule may differ from amounts presented in, or used in thepreparation of, the basic financial statements. Because the Schedule presents only a selectedportion of the operations of Unita Blackwell Estates, it is not intended to and does not presentthe financial position, changes in net assets, or cash flows of the Entity.NOTE B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures 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.NOTE C U.S. DEPARTMENT OF HOUSING AND URBAN DELVELOPMENT LOANPROGRAMUnita Blackwell Estates has a U.S. Department of Housing and Urban Development (HUD)direct loan under Section 202 of the National Housing Act. In addition, the Project has a HUDinsured loan under Section 207/223(f) of the National Housing Act. The loan balancesoutstanding at the beginning of the year are included in the federal expenditures presented inthe schedule. The balances of the loans outstanding at June 30, 2022 consist of: Section 207/223(f) Insured Loan CFDA #14.155 $ 808,775; Section 202 Direct Loan CFDA #14.157 $243,291; total: $ 1,052,066
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 243291. MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS (14.155) - Balances outstanding at the end of the audit period were 808775.