Notes to SEFA
Title: CAPITAL ADVANCE
Accounting Policies: The information is presented on the accrual basis of accounting.
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 Corporation to allocate 10% of indirect costs to grants with periods ending on or before September 30, 2024 and 15% of indirect costs to grants with periods after September 30, 2024. The Corporation does not use the de minimis election.
The amount of $1,696,049 reported for Assistance Listing Number 14.181 in expenditures relates to a HUD capital advance. The ending balance of this advance is $1,696,049 at December 31, 2024.