Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The above schedule of expenditures of federal awards includes the federal grant activity of the Company and is presented on the accrual basis of accounting. The information on 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. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Company did not elect to use the 10-percent de minimis indirect cost rate.
MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS (14.155) - Balances outstanding at the end of the audit period were 4445949.
Title: Sub-Recipients
Accounting Policies: The above schedule of expenditures of federal awards includes the federal grant activity of the Company and is presented on the accrual basis of accounting. The information on 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. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Company did not elect to use the 10-percent de minimis indirect cost rate.
During the year ended March 31, 2022, the Company had no sub-recipients.
Title: Noncash Federal Assistance
Accounting Policies: The above schedule of expenditures of federal awards includes the federal grant activity of the Company and is presented on the accrual basis of accounting. The information on 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. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Company did not elect to use the 10-percent de minimis indirect cost rate.
The Company did not receive any noncash Federal assistance for the year ended March 31, 2022.