Notes to SEFA
Title: SUB-RECIPIENTS
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal award activity of the Corporation 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
Expenditures reported on the schedule of expenditures of federal awards 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.
De Minimis Rate Used: N
Rate Explanation: The Corporation has not elected to use the 10% de minimis indirect cost rate for federal awards under the Uniform Guidance.
Of the federal expenditures presented in the schedule of expenditures of federal awards, the Corporation provided no federal awards to sub-recipients.
Title: INSURED MORTGAGES
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal award activity of the Corporation 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
Expenditures reported on the schedule of expenditures of federal awards 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.
De Minimis Rate Used: N
Rate Explanation: The Corporation has not elected to use the 10% de minimis indirect cost rate for federal awards under the Uniform Guidance.
The Corporation obtained mortgage guarantees from HUD. The outstanding balances of these mortgages at June 30, 2023 were $2,540,639.