Notes to SEFA
Title: NOTE C – LOAN PROGRAM BALANCES OUTSTANDING
Accounting Policies: NOTE A - BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards includes the federal award activity of San Carlos Development Corporation and is presented on the accrual basis of accounting. 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 San Carlos Development Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of San Carlos Development Corporation.
NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, where certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: San Carlos Development Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Loan balances outstanding as of December 31, 2024 are as follows:
Mortgage Insurance - Nursing Homes, Intermediate Care
Facilities, Board and Care Homes and Assisted
Living Facilities $11,833,572