Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: NOTE A: BASIS OF PRESENTATION: The accompanying schedule of expenditures of federal awards includes the federal award activityof Rural Housing For The Elderly, Inc., HUD Project No. 024-11028 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 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 Rural Housing For TheElderly, Inc., it is not intended to and does not present the financial position, changes in net assets,or cash flows of Rural Housing For The Elderly, Inc.NOTE B: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the Uniform Guidance,wherein certain types of expenditures are not allowable or are limited as to reimbursement. RuralHousing For The Elderly, Inc. has elected not to use the 10 percent de minimis indirect cost rate asallowed 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 1939920.