Notes to SEFA
Title: HUD Risk-Sharing Program Mortgage Note Section 542(c) insured mortgage loan
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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate
The outstanding balance of loan and loan guarantee programs at December 31, 2023 with continuing
compliance requirements which are reported as federal expenditures on the accompanying schedule of
expenditures of federal awards was $1,771,843.