Notes to SEFA
Title: NOTE 5 – RURAL RENTAL HOUSING
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Housing Authority did not elect to use the 10-precent de minimis indirect cost rate allowed under the Uniform Guidance.
$116,649 is the outstanding long-term housing revenue note payable at December 31, 2023. The note is payable to the Rural Development Administration under CFDA #10.415. Of the $119,998 reported under the CFDA #10.415, $32,232 consists of rental assistance and $87,766 consists of a loan subsidy. This amount arrives from 1> on page 30, since according to SEFA instructions, the beginning loan balance is added to the subsidy to arrive at the total SEFA amount.