Notes to SEFA
Title: Federal Permanent Financing
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 Company does not use the 10% de minimis rule.
The amount reported for Assistance Listing Number 14.155 in expenditures relate to Federal loan insurance. The mortgage balance at the beginning of the year and loans made during the year are included in the federal expenditures presented in the schedule. The ending balance of this loan was $3,322,090 at December 31, 2023.