Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Section 221(d)(4) HUD-Insured Mortgage is included on the Schedule at its outstanding balances as of January 1, 2022, of $12,931,079 plus the value of the current year advances of $4,329,567. At December 31, 2022, the outstanding balance on the Section 221(d)(4) HUD-Insured Mortgage is $17,260,646.
Title: Subrecipients
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
There were no federal awards passed through to subrecipients by the Corporation during 2022.