Notes to SEFA
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.
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.
Title: 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.
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 221(d)(4) HUD-Insured Mortgage is included on the Schedule at its outstanding balances as of January 1, 2024, of $19,601,078. At December 31, 2024, the outstanding balance on the Section 221(d)(4) HUD-Insured Mortgage is $19,339,504.