Notes to SEFA
Title: RELATIONSHIP TO FINANCIAL STATEMENTS
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Entity has not elected to use the 15% de minimis indirect cost rate per Title 2 U.S. Code of Federal Regulations (CFR) Part 200.
The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200.516. Therefore, some amounts presented in the schedule may differ from amounts presented in, or used in, the preparation of the financial statements.
Title: RURAL RENTAL HOUSING LOANS
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Entity has not elected to use the 15% de minimis indirect cost rate per Title 2 U.S. Code of Federal Regulations (CFR) Part 200.
$1,599,384 of the federal expenditures for the Rural Rental Housing Loan Program Assistance Listing Number 10.415, represents the outstanding loan balances as of the beginning of the audit period. The principal balances of these loans at December 31, 2024 were $1,559,801.