Notes to SEFA
Title: HUD Insured Mortgage
Accounting Policies: The information is presented on the accrual basis of accounting. 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).
De Minimis Rate Used: N
Rate Explanation: The Corporation does not use the 10% de minimis rule.
The amount reported for Assistance Listing Number 14.155 in expenditures relate to a HUD insured mortgage. The ending balance of this loan is $961,206 at December 31, 2023.