Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: 1. The schedule of expenditures of federal awards includes the federal award activity of the Corporation. Theinformation in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of FederalRegulationsPart 200, Uniform AdministrativeRequirements, Cost Principles, andAudit Requirements for FederalAwards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of theCorporation, it is not intended to and does not present the financial position, changes in net assets, or cash flowsof the Corporation.2. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in the UniformGuidance, wherein certain types of expendituresare not allowable or are limited as to reimbursement. The Corporation has elected not to use the 10 percent deminimis indirect cost rate allowed under the Uniform Guidance.3. The Corporation received loans directly or indirectly from the U.S. Department of Housing and UrbanDevelopment which are included above. Ifthere were no current year advances on the loan, the loan balance abovereflects the beginning of the year balance. If there were advances on the loan, the loan balance above reflects thehighest balance during the year.4. Certain grants, while fully expended, contain continuing compliance requirements and are thus included in theSchedule.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS (14.155) - Balances outstanding at the end of the audit period were 2622737.