Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is prepared on the accrual of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 US Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the presentation of, the basic financial statements. Indirect Cost Rate: TG101, Inc. has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance, but rather the rates established directly with the respective federal agency. Outstanding Loan Balances: TG101, Inc. has an outstanding FHA Section 207/223(f) loan. Current year expenditures were $3,127,634. The outstanding principle balance at June 30, 2023 was $3,127,634.
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 $3,127,634.