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 ofClairmont Oaks and is presented on the accrual basis of accounting. The information in this schedule ispresented 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 ClairmontOaks it is not intended to and does not present the financial position, changes in net assets, or cash flows ofClairmont Oaks.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. Clairmont Oaks has elected not to usethe 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.NOTE C U.S. Department of Housing and Urban Development Loan ProgramClairmont Oaks has received a U.S. Department of Housing and Urban Development flexible subsidy loan.The flexible subsidy loan balance outstanding at the beginning of the year is included in the federalexpenditures presented in the Schedule. Clairmont Oaks received no additional flexible subsidy loansduring the year. The balance of the flexible subsidy loan outstanding at June 30, 2022 consists of:Outstanding BalanceCFDA Number Program Name at June 30, 202214.164 Operating Assistance for Troubled MultifamilyHousing Projects $ 4,541,320
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
OPERATING ASSISTANCE FOR TROUBLED MULTIFAMILY HOUSING PROJECTS (14.164) - Balances outstanding at the end of the audit period were 4541320.