Notes to SEFA
Accounting Policies: Program 14.155 represents the outstanding mortgage note balance as of the beginning' refinanced mortgage. The program was refinanced in May 2023, the prior loan of $3,200,124 was paid off and a new loan of $10,620,000 was issued. There were $157,321 of principal payments made during the year on the previous loan. There was $8,742 of principal payments on the new loan made during the year ended May 31, 2023, resulting in a balance of $10,611,259 at May 31, 2023.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimus cost rate.