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 de minimis indirect cost rate of up to 15% per Title 2 U.S. Code of Federal Regulations (CFR) 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 LOANS
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 de minimis indirect cost rate of up to 15% per Title 2 U.S. Code of Federal Regulations (CFR) Part 200.
Federal expenditures for program 10.415 include the Rural Rental Housing Loan balance of $677,836 as of the beginning of the audit period as well as rental assistance payments of $130,615 and interest credit subsidy of $38,784. The loan balance at December 31, 2024 was $665,394.