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 thefederal award activity of the Corporation. under programs of the federal government for theyear ended December 31, 2022. The information in this Schedule is presented inaccordance with the requirements of 2 CFR Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (UniformGuidance). Because the Schedule presents only a selected portion of the operations of theCorporation, it is not intended to and does not present the financial position, changes in netdeficit, or cash flows of the Corporation.NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting.Such expenditures are recognized following, as applicable, either the cost principles inOMB Circular A-122, Cost Principles for Non-Profit Organizations, or the cost principlescontained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards, whereincertain types of expenditures are not allowable or are limited as to reimbursement. Negativeamounts shown on the Schedule represent adjustments or credits made in the normalcourse of business to amounts reported as expenditures in prior years. The Corporationhas elected to use the 10% de minimis indirect cost rate as allowed under the UniformGuidance.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
SUPPORTIVE HOUSING FOR THE ELDERLY (14.157) - Balances outstanding at the end of the audit period were 3742867.