Notes to SEFA
Accounting Policies: 1. 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.
The Housing Corp.’s policy is not to charge federal programs with indirect costs, and has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
2. The Housing Corp. was provided mortgage insurance on its mortgage loans payable to Berkadia Commercial Mortgage LLC and recognized mortgage insurance premium expense amounting to $30,236 for the year ended December 31, 2023.
De Minimis Rate Used: N
Rate Explanation: The Housing Corp.’s policy is not to charge federal programs with indirect costs, and has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.