Notes to SEFA
Title: 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. No federal assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: The Organization does not draw for indirect administrative expenses and has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Organization under programs of the federal government for the year ended December 31, 2024. The
information in the 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 the Organization, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Organization.
Title: Loans
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. No federal assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: The Organization does not draw for indirect administrative expenses and has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Loans outstanding at the beginning of the year are included in the federal expenditures presented in the
Schedule. The balance of loans outstanding at December 31, 2024 consists of: Federal Assistance Listing Number - 10.766, Program Cluster Name - Community Facilities Loans and Grants, Outstanding balance - $39,861,189