Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures for Section 8 Housing Assistance Payments Program 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 Organization has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. The Cooperative does not charge indirect costs to its Federal programs.
Expenditures for the Mortgage Insurance - Cooperative Projects and the Flexible Subsidy Loan Programs are reported based on the outstanding principal of the respective loans at January 1, 2023.
Title: Loan Programs
Accounting Policies: Expenditures for Section 8 Housing Assistance Payments Program 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 Organization has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. The Cooperative does not charge indirect costs to its Federal programs.
The outstanding loan balances of the US Department of Housing and Urban Development’s first mortgage note and Flexible Subsidy loan are included on the Schedule as these loans have continuing compliance requirements. The outstanding loan balances at December 31, 2023 are $0 and $3,085,586, respectively. Principal and interest payments on the first mortgage note totaled $75,318 and $3,814, respectively, for the year ended December 31, 2023. Accrued interest on the Flexible Subsidy Loan totaled $967,264 at December 31, 2023. The Flexible Subsidy loan program does not have a Catalogue of Federal Domestic Assistance (CFDA) number, and as such, is being reported within the Mortgage Insurance - Cooperative Projects program consistent with the Uniform Guidance.
Title: Subrecipients
Accounting Policies: Expenditures for Section 8 Housing Assistance Payments Program 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 Organization has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. The Cooperative does not charge indirect costs to its Federal programs.
There were no Federal awards passed through to subrecipients by the Cooperative during 2023.