Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards includes the federal awardactivity of Harlem Garden Apartments, HUD Project No. 066-92002, and is presented on theaccrual basis of accounting. The information in this schedule is presented in accordance withthe requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (UniformGuidance). Because the Schedule presents only a selected portion of the operations ofHarlem Garden Apartments, it is not intended to and does not present the financial position,changes in net assets, or cash flows of Harlem Garden Apartments.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 the Uniform Guidance,wherein certain types of expenditures are not allowable or are limited as to reimbursement.Harlem Garden Apartments has elected to use the 10-percent de minimis indirect cost rateallowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
MORTGAGE INSURANCE_RENTAL AND COOPERATIVE HOUSING FOR MODERATE INCOME FAMILIES AND ELDERLY, MARKET INTEREST RATE (14.135) - Balances outstanding at the end of the audit period were 215197.