Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Note A - Basis of Presentation - The accompanying schedule of expenditures of federal awards includes the federal grant activity and 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 Part200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Note B - Indirect Cost Allocation - The Corporation has not elected to use the 10-percent de minimus indirect cost rate as allowed under Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Section 207 Mortgage Insurance-Rental Housing (14.134) - Balances outstanding at the end of the audit period were $1,714,487.