Notes to SEFA
Title: RELATIONSHIP TO FINANCIAL STATEMENTS
Accounting Policies: The Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Entity has not elected to use the 15% de minimis indirect cost rate per Title 2 U.S. Code of Federal Regulations Part 200.
The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200:516. Therefore, some amounts presented in the schedule may differ from amounts presented in, or used in, the preparation of the financial statements.
Title: RURAL RENTAL HOUSING LOAN BALANCES
Accounting Policies: The Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Entity has not elected to use the 15% de minimis indirect cost rate per Title 2 U.S. Code of Federal Regulations Part 200.
Federal expenditures for program 10.415 include the $1,182,763 total of all Rural Rental Housing Loan balances and deferred interest of $198,362 as of the beginning of the audit period. Federal expenditures also include interest credit subsidy of $78,063 and rental assistance of $61,787. The loan balances and deferred interest at December 31, 2024 totaled $1,179,186 and $198,362, respectively