Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: See independent auditors report.29Federal Grantor/Pass-through Grantor/Program TitleAssistanceListingNumberFederalExpendituresU.S. Department of Housing and Urban DevelopmentSection 221 Mortgage Restructuring Note 14.134 $ 6,109Section 221 Contingent Repayment Note 14.134 460,474Section 8 Project Rental Assistance Contract 14.195 235,688Multifamily Housing Service Coordinator Grant 14.191 53,960Total $ 756,231BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards includes the federal grant activityof Laurelwood Senior Housing Corporation, HUD Project No. 87-35091, and is presented on theaccrual basis of accounting. The information in this schedule is presented in accordance with therequirements of Title 2 U.S. Code of the Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).Because the schedule presents only a selected portion of the operations of Laurelwood SeniorHousing Corporation, it is not intended to and does not present the financial position, changes innet assets, or cash flows of Laurelwood Senior Housing Corporation.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 OMBs Uniform Guidance,wherein certain types of expenditures are not allowable or are limited as to reimbursement.Laurelwood Senior Housing Corporation has elected not to use the 10-percent de minimis indirectcost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
MORTGAGE INSURANCE_RENTAL HOUSING (14.134) - Balances outstanding at the end of the audit period were 6109. MORTGAGE INSURANCE_RENTAL HOUSING (14.134) - Balances outstanding at the end of the audit period were 424068.