Notes to SEFA
Title: NONCASH FEDERAL AWARDS
Accounting Policies: Basis of Presentation - The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting in which expenditures are recognized when incurred.
The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Organization elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
In connection with the interest credit agreement with Rural Development the Organization received nonmonetary
rental assistance of $43,281 for the year ended December 31, 2024. This amount is included in the total expenditures for the Rural Rental Housing Loans (CFDA No. 10.415) program in the accompanying schedule of expenditures of federal awards.
Title: LOAN BALANCES
Accounting Policies: Basis of Presentation - The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting in which expenditures are recognized when incurred.
The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Organization elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
As of December 31, 2024, outstanding loan balances under the Rural Rental Housing Loans program (CFDA No. 10.415) and included in the accompanying schedule of expenditures of federal awards was $1,062,567, including $5,328 of deferred accrued interest.