Notes to SEFA
Title: RELATIONSHIP TO FINANCIAL STATEMENTS
Accounting Policies: The Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Entity has not elected to use the 10% de minimis indirect cost rate per Title 2 U.S. Code of Federal Regulations Part 200.
The information in this schedule is presented in accordance with the requirements of Title 2 U.S.
Code of Federal Regulations (CFR) Part 200.516. Therefore, some amounts presented in the
schedule may differ from amounts presented in, or used in, the preparation of the financial
statements.
Title: MORTGAGE LOAN BALANCE
Accounting Policies: The Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Entity has not elected to use the 10% de minimis indirect cost rate per Title 2 U.S. Code of Federal Regulations Part 200.
Federal expenditures for Assistance Listing Program 14.155 represent the loan balance as of the beginning of the audit period. The balance at June 30, 2024 was $5,860,701.