Notes to SEFA
Title: FEDERALLY FUNDED AND INSURED MORTGAGES
Accounting Policies: NOTE A – BASIS OF PRESENTATION: The accompanying schedule of expenditures of federal awards (the ‘Schedule’) includes the federal grant activity of the Company under programs of the federal government as of and for the year ended June 30, 2024. 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 Company, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Company.
NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: 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.
De Minimis Rate Used: N
Rate Explanation: The Company has not elected to use the 10-percent de minimis indirect cost rate under the Uniform Guidance.
The mortgage balance at the beginning of the period and loans made during the year are included in the federal expenditures presented in the Schedule. The balance of the outstanding federally insured mortgage at June 30, 2024 is $5,910,165.