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 includes the federal award activity of the Corporation.
The information in this 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 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 loans directly or indirectly from the U.S. Department of Housing and Urban
Development which 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.
Certain grants, while fully expended, contain continuing compliance requirements and are thus
included in the Schedule.