Notes to SEFA
Title: Loans Outstanding
Accounting Policies: The accompanying schedule of federal awards includes the federal grant activity of Birch Forest Apartments, Inc.
(the Organization) and is presented on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The 10% de minimis indirect cost rate is not applicable.
The Organization had the following loan/grant balances outstanding at June 30, 2023. These loan/grant balances
outstanding are also included in the federal expenditures presented in the schedule. Section 811: 881,400