Notes to SEFA
Title: BASIS OF PRESENTATION
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. The Navigator Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Navigator Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of The Navigator 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 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 Navigator Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of The Navigator Corporation.
Title: LOAN OUTSTANDING
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. The Navigator Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Navigator Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Navigator Corporation had the following loan balance, related to federal awards, outstanding as of June 30, 2024: Program Title: Mortgage Insurance Rental and Cooperative Housing for Moderate Income Families and Elderly, Market
Interest Rate (Sections 221(d)(3) and (4) Multifamily - Market Rate Housing); Assistance Listing Number: 14.135; Amount Outstanding: $10,361,870; Program Title: Mortgage Insurance for Supplemental Loans for Multifamily Projects (Section 241(a)); Assistance Listing Number: 14.151; Amount Outstanding: $2,468,540. Total - $12,830,410.