Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIESThe schedule of expenditures of federal awards includes the federal grant activity of The Willows at Melvin Place, HUD Project No. 127-HD041 and is presented in accordance with the requirements of Title 2 Code of Federal Regulations (CFR)Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.The Willows at Melvin Place has elected not to use the 10% de minimis indirect cost rate.The Willows at Melvin Place has a capital advance included on the schedule of expenditures of federal awards representing a loan balance of $1,088,200 at April 30, 2022.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
SUPPORTIVE HOUSING FOR PERSONS WITH DISABILITIES (14.181) - Balances outstanding at the end of the audit period were 1088200.