Notes to SEFA
Title: Note 3
Accounting Policies: The schedule of expenditures of federal awards is prepared on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected to not use the 10% de minimis cost rate.
The balance of the HUD Section 223(a)(7) mortgage note payable at March 31, 2024 is $876,781, the balance of the HUD Section 202 mortgage note payable at March 31, 2024 is $241,261, and the balance of the HOME note payable at March 31, 2024 is $160,650.