Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards is a summary of program activity of the Association's federal award programs does not necessarily present transactions that would be included in financial statements of the Association presented on the modified accrual basis of accounting as contemplated by generally accepted accounting principles. The information in the 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 Requirements for Federal Awards (the Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Association, it is not intended to and does not present the financial position, changes in the financial position, or cash flows of the Association.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
RURAL SELF-HELP HOUSING TECHNICAL ASSISTANCE (10.420) - Balances outstanding at the end of the audit period were 144062. RURAL SELF-HELP HOUSING TECHNICAL ASSISTANCE (10.420) - Balances outstanding at the end of the audit period were 136730. RURAL SELF-HELP HOUSING TECHNICAL ASSISTANCE (10.420) - Balances outstanding at the end of the audit period were 160072. RURAL SELF-HELP HOUSING TECHNICAL ASSISTANCE (10.420) - Balances outstanding at the end of the audit period were 72787.
Title: Revolving Loan Funds
Accounting Policies: The accompanying schedule of expenditures of federal awards is a summary of program activity of the Association's federal award programs does not necessarily present transactions that would be included in financial statements of the Association presented on the modified accrual basis of accounting as contemplated by generally accepted accounting principles. The information in the 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 Requirements for Federal Awards (the Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Association, it is not intended to and does not present the financial position, changes in the financial position, or cash flows of the Association.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Beginning in 2008, the Economic Development Administration included instructions on how to include expenditures for revolving loan funds on the Schedule of Expenditure of Federal Awards (SEFA). These expenditures are actually the funds beginning capital base reflected by any current activity.