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 the Authority under programs of the federal government for the year ended March 31, 2022. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only 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 recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course 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 856479. Note 3 Federal LoansIn 1981, The Authority was approved by the U.S. Department of Agriculture to receive a loan totaling $1,395,600 to finance housing in a rural area. This loan was subsequently refinanced in 2010 for an amount totaling $1,126,448. The amount listed for this loan within the schedule of expenditures of Federal Awards is composed of the loan balance as of March 31, 2021 plus current year expenditures of loan proceeds during the fiscal year ended March 31, 2022. The outstanding balance of loan and loan guarantee programs at March 31, 2022 with continuing compliance requirements which are reported as federal expenditures on the schedule of expenditures of Federal Awards was as follows: Expenditures of federal awards related to outstanding loans: Balance of loans as of March 31, 2021 $885,711 Current year expenditures of loan proceeds - 885,711 Principal payments (29,232) Balance as of March 31, 2022 $856,479