Notes to SEFA
Title: Federal Funded Mortgages
Accounting Policies: The schedule of expenditures of federal awards includes the federal grant activity of the Company and 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 Company has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The expenditures reported for CFDA No. 10.415 relate to Federal loan financing. The balance of the outstanding mortgages at December 31, 2023 is $1,272,225.