Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Note 1 Basis of PresentationThe accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of theAuthority under programs of the federal government for the year ended March 31, 2022. The information in this Schedule ispresented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presentsonly a selected portion of the operations of the Authority, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Authority. Note 2 Summary of Significant Accounting PoliciesExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognizedfollowing the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or arelimited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normalcourse of business to amounts reported as expenditures in prior years. The Authority has elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
RURAL RENTAL HOUSING LOANS (10.415) - Balances outstanding at the end of the audit period were 468446. RURAL RENTAL ASSISTANCE PAYMENTS (10.427) - Balances outstanding at the end of the audit period were 468446. Note 3 Loan Balances The USDA Rural Rental Housing Loan (CFDA #10.415) is administred directly by the Component Unit and balances and transactions relating to the program are included in the Component Units basic financial statements. The loans outstanding at the beginning of the year ($478,897) plus the current year interest subsidies received ($19,766) are included in federal expenditures presented in the schedule of expenditures of federal awards. The balance of the loans outstanding at March 31, 2022 was $468,446.