Notes to SEFA
Title: 3
Accounting Policies: The schedule of expenditures of federal awards is prepared on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected to not use the 10% de minimis cost rate.
The balance of the HUD Section 207 pursuant to Section 223(f) mortgage note payable at June 30, 2024 is $2,446,845.
Title: 4
Accounting Policies: The schedule of expenditures of federal awards is prepared on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected to not use the 10% de minimis cost rate.
The balance of Section 201 Flexible Subsidy Note at June 30, 2024 is $831,765.