Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activityof Allentown Bnai Brith Housing Corporation Project No. 034-11150 (the Project), and ispresented on the accrual basis of accounting. The information in this schedule is presented inaccordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards(Uniform Guidance). Because the Schedule presents only a selected portion of the operations ofthe Project, it is not intended to and does not present the financial position, changes in net assets,or cash flows of the Project. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized using the principles contained in Title 2 U.S. Code of FederalRegulations (CFR) Part 200, Cost Principles wherein certain types of expenditures are notallowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS (14.155) - Balances outstanding at the end of the audit period were 8938930.