Notes to SEFA
Title: Note 4 - U.S. Department of Housing and Urban Development (HUD) Section 811 Capital Advance
Accounting Policies: Note 1 - Basis of Presentation
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of the Corporation under programs of the federal government for the year ended December 31, 2024. The information in this 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 selected 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.
Note 2 - Summary of Significant 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. No federal financial assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: Note 3 - Indirect Cost Rate
The Corporation has not elected to use the 10-percent de minimus indirect cost rate allowed under the Uniform Guidance and does not draw for indirect administrative expenses.
The HUD Section 811 Capital Advance is administered directly by the Corporation, and the balance and transactions relating to the capital advance are included in the Corporation’s financial statements. The capital advance outstanding is included in the federal expenditures included in the Schedule. The balance of capital advance outstanding at December 31, 2024 consists of: See "Notes to SEFA" for the chart/table.