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 $852,538 as of the beginning of the audit period, of which $666,457 was principal and $186,081 was deferred interest. Interest Credit Subsidy of $44,566 and Rental Assistance of $140,037 are also included. The loan balance at December 31, 2024 totaled $851,439, of which $664,258 was principal and $187,181 was deferred interest.