Title: Loan and Loan Programs - Loans Made to Ultimate Recipients
Accounting Policies: Expenditures reported on the schedule 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 auditee did not use the de minimis cost rate.
Intermediary Relending Program (10.767) - Total loans receivable outstanding at June 30, 2022: $385,613. Intermediary Lending Pilot Program (59.062) - Total loans receivable outstanding at June 30, 2022: $493,979.
Title: Loans and Loan Programs - Federal Loans Made to SMFA
Accounting Policies: Expenditures reported on the schedule 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 auditee did not use the de minimis cost rate.
Rural Development Intermediary Relending Program (10.767): Promissory note to USDA, Rural Development, Intermediary Relending Program, $400,000 loan. Annual principal and interest payments of $16,980 with interest at an effective rate of 1.0%, matures in 2025, secured by notes receivable and property. Outstanding balance at June 30, 2022: $49,408. Promissory note to USDA, Rural Development, Intermediary Relending Program, $71,601 loan. Annual principal and interest payments of $18,678 with interest at an effective rate of 1.0%, matures in 2022, secured by notes receivable and property. Outstanding balance at June 30, 2022: $17,004. Promissory note to USDA, Rural Development, Intermediary Relending Program, $568,123 loan. Annual principal and interest payments of $84,900 with interest at an effective rate of 1.0%, matures in 2025, secured by notes receivable and property. Outstanding balance at June 30, 2022: $325,685. Total due under ALN# 10.767: $392,097. Small Business Administration Intermediary Lending Pilot Program (59.062): U.S. Small Business Administration, Intermediary Lending Pilot Program, $1,000,000 loan. Interest accrues at an effective rate of 1.0%, with quarterly principal and interest payments of $15,420 to amortize outstanding balance and accrued interest over the remaining term. Loan matures in 2032; secured by notes receivable and property. Total due under ALN# 59.062: $541,838. Total outstanding loan programs at June 30, 2022: $933,935.