Notes to SEFA
Title: Outstanding Loan Balance
Accounting Policies: The Schedule of Expenditures of Federal Awards has been prepared on the accrual basis of accounting. Revenues were adjusted to balance the expenditures incurred for each project.
De Minimis Rate Used: N
Rate Explanation: Martinsburg Community Housing Corporation has elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance
The Rural Rental Housing Loans program outstanding loan balance as of September 30, 2024 is $773,544.
Title: Compliance Test
Accounting Policies: The Schedule of Expenditures of Federal Awards has been prepared on the accrual basis of accounting. Revenues were adjusted to balance the expenditures incurred for each project.
De Minimis Rate Used: N
Rate Explanation: Martinsburg Community Housing Corporation has elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance
An extensive compliance test, as required by Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, (Uniform Guidance), was performed on the Rural Rental Housing Loans program, which represents 87% of the total expenditures reflected on the Schedule of Federal Financial Assistance. The 40% of coverage test for a non-low risk auditee was satisfied as follows: Rural Rental Housing Loans 10.415 $807,685 and Rural Rental Assitance Payments 10.427 $118,226 totals $925,911 times 40% equals $370,364 which is the minimum amount which must be tested. The Rural Rental Housing Loans program exceeds $370,364, and, therefore, represents the only program to which the specific compliance requirements must be applied.