Notes to SEFA
Title: Mortgage Payable
Accounting Policies: The information is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The Corporation does not use the 10% de minimis cost rate.
The amount reported for Assistance Listing No. 10.415 in expenditures relate to a U.S. Department of Agriculture - Rural Rental Housing Loan. The ending balance of the loan is $761,327 at June 30, 2022.