Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Note 1. Basis of PresentationThe schedule of expenditures of federal awards is presented in accordance with requirements of Title 2U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles,and Audit Requirements for Federal Awards. Therefore some amounts presented in this schedule maydiffer from amounts presented in the financial statement.Note 2. Rural Development LoanThe Authority had two loans that were guaranteed by the U.S. Department of Agriculture. The endingbalances of each of the loans at September 30, 2022 were $595,974 and $770,572.Note 3. Indirect Cost RateThe Authority uses the deminis cost rate of 10% to allocate indirect costs.
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 1366546.