Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenses reported on the Schedule are reported on the accrual basis of accounting. Such expenses are recognized following the cost principles contained in the Uniform Guidance and/or OMB Circular A-87, Cost Principles for State, Local and Indian Tribal Governments, wherein certain types of expenses are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Corporation did not elect to use the 10% de minimus indirect cost rate as covered in 2 CFR §200.414.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the Company 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, Costs Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the Company’s operations, it is not intended to be and does not present the financial position, changes in net position, or cash flows of the Company.
Title: SUBRECIPIENTS
Accounting Policies: Expenses reported on the Schedule are reported on the accrual basis of accounting. Such expenses are recognized following the cost principles contained in the Uniform Guidance and/or OMB Circular A-87, Cost Principles for State, Local and Indian Tribal Governments, wherein certain types of expenses are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Corporation did not elect to use the 10% de minimus indirect cost rate as covered in 2 CFR §200.414.
There were no subrecipients of the Company’s programs during the year ended December 31, 2023.
Title: PROGRAM COSTS/MATCHING CONTRIBUTIONS
Accounting Policies: Expenses reported on the Schedule are reported on the accrual basis of accounting. Such expenses are recognized following the cost principles contained in the Uniform Guidance and/or OMB Circular A-87, Cost Principles for State, Local and Indian Tribal Governments, wherein certain types of expenses are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Corporation did not elect to use the 10% de minimus indirect cost rate as covered in 2 CFR §200.414.
The amounts shown as current year expenses represent only the (federal/state/local) grant portion of the program costs. Entire program costs, including the Company’s portion, may be more than shown.
Title: LOAN PROGRAMS
Accounting Policies: Expenses reported on the Schedule are reported on the accrual basis of accounting. Such expenses are recognized following the cost principles contained in the Uniform Guidance and/or OMB Circular A-87, Cost Principles for State, Local and Indian Tribal Governments, wherein certain types of expenses are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Corporation did not elect to use the 10% de minimus indirect cost rate as covered in 2 CFR §200.414.
The outstanding balances of loan programs were as follows:
Federal Program: Refinancing of Existing Multifamily Housing Projects, Federal CFDA Number: 14.155, Outstanding Loan Balance: $8,232,079.