Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principle contained in the Uniform Guidance, where certain types of expenditures are not allowable or are limited as to reimbursement. No federal financial assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected not to use the 10-percent deminimus indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal grant activity of the Corporation under programs of the federal government for the year ended June 30, 2024. The information in this Schedule is presented in accordance with the requirement of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portions of the operations of the Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Corporation.
Title: U.S. Department of Housing and Urban Development (HUD) Section 207/223(f) Mortgage Loan
Accounting Policies: Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principle contained in the Uniform Guidance, where certain types of expenditures are not allowable or are limited as to reimbursement. No federal financial assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected not to use the 10-percent deminimus indirect cost rate allowed under the Uniform Guidance.
The mortgage loan under HUD Section 207 pursuant to Section 223(f) is administered directly by the Corporation and the balance and transactions relating to the mortgage loan are included in the Corporation's financial statements. The mortgage loan outstanding is included in the federal expenditures included in the Schedule. See the Notes to the SEFA for table.