Notes to SEFA
Title: FEDERAL LOANS
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activityof the Authority and is presented on the accrual basis of accounting. The information in thisschedule is presented in accordance with the requirements of Title 2 US Code of Federal RegulationsPart 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements forFederal Awards(Uniform Guidance). Therefore some amounts presented in this schedule maydiffer from amounts presented in, or used in preparation of the basic financial statements.The Authority has not elected to use the ten percent de minimus indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
At March 31, 2022, the Authority had the following loan balances outstanding. The beginning loanbalances totaling $1,541,137 are included in the federal expenditures:FederalOutstandingProjectCFDA NumberBalanceGateway Village10.415 $221,504 Blueridge I10.415 202,752 Forest Village10.415 676,192 Glenhaven10.415 363,382 $1,463,830