Notes to SEFA
Title: Nonmonetary Assistance
Accounting Policies: Basis of Accounting
The accompanying schedule of expenditures of federal awards is prepared on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Corporation has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
At the beginning of the year, the mortgage note payable was $4,404,714. After the current year payments, the mortgage note payable, in the amount of $4,285,466, to Merchants Capital Corp., is guaranteed by the U.S. Department of Housing and Urban Development and secured by the housing project.
Title: ADDITIONAL INFORMATION
Accounting Policies: Basis of Accounting
The accompanying schedule of expenditures of federal awards is prepared on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Corporation has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Corporation did not receive any federal awards in the form of noncash assistance for insurance in effect during the year. In addition, the Project did not pass through any federal grants to subrecipients.