Notes to SEFA
Title: FEDERAL LOAN BALANCES
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal awards activity of
the Authority under programs of the federal government for the year ended June 30, 2023. 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 our operations, it is not intended to and does not present our
financial position, changes in net positions, or cash flows.
De Minimis Rate Used: N
Rate Explanation: The Authority has elected not to use the 10% de minimis indirect cost rate as allowed in Uniform Guidance, Section
414.
The Authority entered into five promissory notes with the United States Department of Agriculture Farmer Homes
Administration under the Labor Housing Union Loan and Rural Rental Housing Loan programs. The interest rates for
these notes are estimated. Interest is based upon the market rate on the date of payment received by the United
States Department of Agriculture Farmer Homes Administration. In accordance with the Uniform Guidance both the
rental assistance and the outstanding loan balances are reported as federal expenditure in the accompanying schedule
of federal awards. Balances of loans were included in the Schedule as follows:
Federal Program Loans CFDA No.
Beginning
Balance Additions
Amount
Included in
Expenditures
Farm Labor Housing Loans and Grants 10.405 $ 3,791,458 $ - $ 3,791,458
Rural Rental Housing Loans 10.415 1,244,374 - 1,244,374
$ 5,035,832 $ - $ 5,035,832