Notes to SEFA
Title: LOANS OUTSTANDING
Accounting Policies: NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant
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 Administration 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, change in net positions, or cash flows of the Corporation.
(1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in Uniform Guidance, wherein
certain types of expenditures are not allowable or are limited as to reimbursement.
(2) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Authority has not elected to use the 10 percent de minimis indirect cost rate as allowed under
the Uniform Guidance.
The Corporation had the following federal mortgages. These loan balances as of the beginning of the
year are included in the federal expenditures presented in the schedule. Balances as of December 31,
2024 are:
Assistance Listing Number Program Name Outstanding Balance
14.188 Section 542 (c) Mortgage Insurance $ 3,342,559
14.157 Section 202 Capital Advance $ 2,201,300