Notes to SEFA
Title: SECTION 108 LOAN GUARANTEE PROGRAM
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Authority and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of OMB Uniform Grant Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements. The Authority has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Authority has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The U.S. Department of Housing and Urban Development provided the Authority with four loan
guarantees under AL Number 14.248. Loan activity for the year ended December 31, 2024, is as
follows:
(Note: See the Notes to the SEFA for chart/tbale)
Expenditures for this program on the schedule of expenditures of federal awards are the value of
new loans made or received during the fiscal year ($0); plus the balance of loans from previous
years for which the Authority imposes continuing compliance requirements ($9,523,933).