Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Commission under programs of the federal government for the year ended December 31, 2022. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Commission, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Commission. Expenditures reported on the Schedule are 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 Commission has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The mortgage with the United States Department of Agriculture was determined to be a Type B Federal Financial Assistance Program (ALN 10.415) based on the total amount as of and for the year ended December 31, 2022. RURAL RENTAL HOUSING LOANS (10.415) - Balances outstanding at the end of the audit period were $346,261.