Notes to SEFA
Title: LOANS OUTSTANDING
Accounting Policies: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal
grant activity of the Property, 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 Property, it is not
intended to and does not present the financial position, change in net positions, or cash flows of
the Property.
(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 Property had the following federal mortgages. The loan balance as of the beginning of the year
is included in the federal expenditures presented in the schedule.
Assistance Listing Number - 14.239 Program Name - HOME Partnership Program Loan
Outstanding Balance - $120,000
Title: CAPITAL ADVANCE
Accounting Policies: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal
grant activity of the Property, 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 Property, it is not
intended to and does not present the financial position, change in net positions, or cash flows of
the Property.
(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 Property has received a HUD capital advance under section 811 of the National Housing Act. The
capital advance outstanding at the beginning of the year is included in the federal expenditures
presented in the schedule. The Property received no additional capital advances during the year.
Title: PROGRAM COST
Accounting Policies: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal
grant activity of the Property, 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 Property, it is not
intended to and does not present the financial position, change in net positions, or cash flows of
the Property.
(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 amounts presented as federal expenditures represent only the federal portion of the actual
program costs. Actual program costs, including the Property’s portion, may be more than is shown on
the
schedule.