Notes to SEFA
Title: ADDITIONAL INFORMATION
Accounting Policies: Basis of Accounting
The accompanying schedule of expenditures of federal awards is prepared on the accrual basis of accounting.
---Nonmonetary Assistance---
The capital advance mortgage note in the amount of $920,900 to the U.S. Department of Housing and Urban Development is secured by the apartment project.
De Minimis Rate Used: N
Rate Explanation: The Corporation has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Corporation did not receive any federal awards in the form of noncash assistance for insurance in effect during the year. In addition, the Corporation did not pass through any federal grants to subrecipients.