Notes to SEFA
Title: NOTE C – LOANS OUTSTANDING
Accounting Policies: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the Corporation, 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 Administration Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Corporation, it is not intended to and does not present the financial position, change in net positions, or cash flows of the Corporation.
(1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein
certain types of expenditures are not allowable or are limited as to reimbursement.
(2) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Authority has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Corporation had the following federal mortgages. These loan balances as of the beginning of the year are included in the federal expenditures presented in the schedule. Balances as of December
31, 2023 are:
Assistance Listing Number: 14.188 Program Name: Section 542(c) Mortgage Insurance Outstanding Balance: $3,411,760
Assistance Listing Number: 14.157 Program Name: Section 202 Capital Advance Outstanding Balance: $2,201,300
Assistance Listing Number: 14.239 Program Name: HOME Partnership Program Loan Outstanding Balance: $ -0-
14.188 Section 542 (c) Mortgage Insurance $ 3,411,760
14.157 Section 202 Capital Advance 2,201,300
14.239 HOME Partnership Program Loan -