Notes to SEFA
Title: UNITED STATES DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT INSURED LOAN
Accounting Policies: The information is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: Indirect costs are included in the reported expenditures to the extent that such costs are included in the Federal financial reports used as the source for the data presented. The de minimis election allows the Company to allocate 10% of indirect costs to grants with periods ending on or before September 30, 2024 and 15% of indirect costs to grant with periods after September 30, 2024. The Company does not use the de minimis election.
The amount reported for Assistance Listing No. 14.155 in expenditures relate to a U.S. Department of Housing and Urban Development Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects. The ending balance of the loan is $12,024,299 at October 31, 2024.