Notes to SEFA
Title: 1. Scope of Audit Pursuant to Uniform Guidance
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 elected not to use the 10 percent de-minimis indirect cost rate allowed under the
Uniform Guidance.
The Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award
activity of the Corporation. The information in this schedule is presented in accordance with the
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 the Corporation, it is not intended to
and does not present the financial position, changes in net assets, or cash flows of the Corporation.
Title: 2. Basis of Presentation
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 elected not to use the 10 percent de-minimis indirect cost rate allowed under the
Uniform Guidance.
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. The
Corporation has elected not to use the 10 percent de-minimis indirect cost rate allowed under the
Uniform Guidance.
Title: 3. Contingencies
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 elected not to use the 10 percent de-minimis indirect cost rate allowed under the
Uniform Guidance.
The Corporation received loan(s) directly or indirectly from the U.S. Department of Housing and
Urban Development which is (are) included above. If there were no current year advances on the
loan, the loan balance above reflects the beginning of the year balance. If there were advances on
the loan, the loan balance above reflects the highest balance during the year.
Title: 4. Loan Balance
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 elected not to use the 10 percent de-minimis indirect cost rate allowed under the
Uniform Guidance.
The end of the year loan balance for Section 202 Capital Advance loan was $2,358,800.