Notes to SEFA
Title: Note 3
Accounting Policies: The schedule of expenditures of federal awards is prepared on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Corporation elected to not use the 10% de minimis cost rate.
See the Schedule of Expenditures of Federal Awards for loan balances as of December 31, 2024.
Title: Note 4
Accounting Policies: The schedule of expenditures of federal awards is prepared on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Corporation elected to not use the 10% de minimis cost rate.
The Schedule of Federal Awards excludes the federal expenditures of the Operating Partnerships because the entities
were not subject to Uniform Guidance.