Notes to SEFA
Title: U.S. Department of Housing and Urban Development Loan Program
Accounting Policies: The accompanying schedule of expenditures of federal awards (“the Schedule”) includes the federal award activity of the Corporation under its program of the federal government for the year ended December 31, 2024. 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 Audit Requirements for Federal Awards (“Uniform Guidance”). Because the Schedule presents only a select portion of the operations of the Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Corporation. 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 Corporation has elected not to use the 10% de minimus indirect cost rate allowed under the Uniform Guidance.
The Corporation has received a U.S. Department of Housing and Urban Development Capital Advance under Section 811 of the National Housing Act. The capital advance outstanding at the beginning of the year is included in the federal expenditures presented in the schedule. The Corporation received no additional loans during the year. The balance of the capital advance outstanding at December 31, 2024 consists of the following: Assistance Listing Number: 14.157; Program Name: Housing for the Elderly; Outstanding Balance: $3,280,600