Notes to SEFA
Title: RELATIONSHIP TO FINANCIAL STATEMENTS
Accounting Policies: The Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Entity has not elected to use the 10% de minimis indirect cost rate per Title 2 U.S. Code of Federal Regulations Part 200.
The information in this schedule is presented in accordance with the requirements
of Title 2 U.S. Code of Federal Regulations (CFR) Part 200:516. Therefore, some
amounts presented in the schedule may differ from amounts presented in, or used
in, the preparation of the financial statements.
Title: RURAL RENTAL HOUSING LOAN BALANCES
Accounting Policies: The Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Entity has not elected to use the 10% de minimis indirect cost rate per Title 2 U.S. Code of Federal Regulations Part 200.
Federal expenditures for program 10.415 include the Rural Rental Housing loan balances of $1,412,437 and the $36,071 deferred interest balance as of the beginning of the audit period, interest credit subsidy of $47,750 and rental assistance of $151,082. The loan balance was $1,381,971 and the deferred interest balance was $39,252 as of December 31, 2023.