Notes to SEFA
Title: Capital Advance and Loan Assistance
Accounting Policies: 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. For loan programs, outstanding loan principal is recorded as an expenditure on the Schedule.
De Minimis Rate Used: N
Rate Explanation: The Corporation has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Section 202 capital advance which was received in prior years is included on the Schedule at its outstanding balance as of January 1, 2024, as it includes continuing compliance requirements from HUD. There were no additional proceeds received however HUD discharged the capital advance during 2024. At December 31, 2024, the outstanding balances on the Section 202 capital advance was zero.
The Section 223(f) HUD-Insured Mortgage is included on the Schedule at its outstanding balances as of January 1, 2024, of zero plus the value of the current year advances of $4,374,400. At December 31, 2024, the outstanding balance on the Section 223(f) HUD-Insured Mortgage is $4,355,619.
Title: Subrecipients
Accounting Policies: 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. For loan programs, outstanding loan principal is recorded as an expenditure on the Schedule.
De Minimis Rate Used: N
Rate Explanation: The Corporation has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
There were no federal awards passed through to subrecipients by the Corporation during 2024.