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 award activity ofBriarcliff Oaks, Inc. and is presented on the accrual basis of accounting. The information in this scheduleis presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200,Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards(Uniform Guidance). Because the Schedule presents only a selected portion of the operations of BriarcliffOaks, Inc., it is not intended to and does not present the financial position, changes in net assets, or cashflows of Briarcliff Oaks, Inc.NOTE B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expendituresare recognized following the cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement. Briarcliff Oaks, Inc. has elected not touse the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.NOTE C U.S. Department of Housing and Urban Development Loan ProgramBriarcliff Oaks, Inc. has received a U.S. Department of Housing and Urban Development insured loanunder Section 207 pursuant to Section 223(f) of the National Housing Act. The loan balance outstanding atthe beginning of the year is included in the federal expenditures presented in the Schedule. Briarcliff Oaks,Inc. received no additional loans during the year. The balance of the loan outstanding at June 30, 2022consists of:Outstanding BalanceCFDA Number Program Name at June 30, 202214.155 Mortgage Insurance for the purchase of refinance ofexisting Multifamily Housing Projects $ 7,811,716
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 7811716.