Notes to SEFA
Title: NOTE A – BASIS OF PRESENTATION
Accounting Policies: see Form page
De Minimis Rate Used: Y
Rate Explanation: Auditee did use the de minimis cost rate
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of the Corporation under programs of the federal government as of and 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, 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, changes in net assets or cash flows of the Corporation. The above Federal Expenditures total $1,913,224.
Title: NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: see Form page
De Minimis Rate Used: Y
Rate Explanation: Auditee did use the de minimis cost rate
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 allowed or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Passthrough entity identifying numbers are presented where applicable. The Corporation has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: NOTE C – U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM
Accounting Policies: see Form page
De Minimis Rate Used: Y
Rate Explanation: Auditee did use the de minimis cost rate
223(f) of the National Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expendiutres presented in the Schedule. The Corporation received no additional loans during the year. The balance of the loan outstanding at December 31, 2023 consists of:
Assistance Listing Number 14.155 Program Name Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects Outstand Balance December 31, 2023 $ 1,878,529