Notes to SEFA
Of the $276,692 interest charged on five separate Rural Development (RD) notes, $236,953 was subsidized by Rural Development. This amount is part of the original loan agreements and is expected to continue throughout the life of the loan
In accordance with the requirements of the Uniform Guidance, the loan balances are included as part of the Single Audit determination, because there are continuing compliance requirements attached to these loans
Smyrna School House L.P. is a for profit partnership with only 11 rental units, because of this it is not subject to all the same compliance requirements as the other RD projects. All its federal expenditures and its RD loan are included in this schedule because of consolidation, but is not included in the major program calculations
Chenango Housing Improvement Program, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance