Notes to SEFA
Title: Note 4. Subrecipients
Accounting Policies: Note 1. Basis of Presentation
The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal
award activity of the Project under programs of the federal government for the year ended December
31, 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 the operations of the Project, it is not intended to and does not present the
financial position, changes in net position or cash flows of the Project. Note 2. Summary of Significant Accounting Policies
Expenditures reported on the Schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Project has not agreed nor declined to use the de minimus rate of 10% of modified total direct
costs as an indirect cost allocation factor, as allowed under 2C.F.R. §200.414.
The Project has no subrecipients of the Federal Awards received for the year ended December 31, 2023
Title: Note 5. Loans with Outstanding Compliance Requirements
Accounting Policies: Note 1. Basis of Presentation
The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal
award activity of the Project under programs of the federal government for the year ended December
31, 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 the operations of the Project, it is not intended to and does not present the
financial position, changes in net position or cash flows of the Project. Note 2. Summary of Significant Accounting Policies
Expenditures reported on the Schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Project has not agreed nor declined to use the de minimus rate of 10% of modified total direct
costs as an indirect cost allocation factor, as allowed under 2C.F.R. §200.414.
The Project had the following loan balance with continuing compliance requirements
outstanding at December 31, 2023:
Program Title
Assistance Listing
Number
Amount
Outstanding
Mortgage Insurance for the Purchase or Refinancing of Existing
Multi-Family Housing Projects 14.155 $ 2,415,568