Notes to SEFA
Title: Mortgages Payable
Accounting Policies: The schedule of expenditures of federal awards 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: Indirect costs are included in the reported expenditures to the extent such costs are included in the federal financial reports used as the source for the data presented. The Authority does not use the 10% de minimis election.
The amount reported for Assistance Listing Number 10.415 in expenditures relate to U.S. Department of Agriculture - Rural Rental Housing Loans. The ending balance of the loan is $908,007 at September 30, 2023.