Notes to SEFA
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 is not using the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Corporation received a U.S. Department of Housing and Urban Development loan guarantee. The loan balance at the beginning of the year is included in the federal expenditures presented in the Schedule. The Corporation received no additional loans during the year. The balance of the loan outstanding at June 30, 2025, is as follows: Federal Program Title ALN Number Amount Guaranteed Mortgage Insurance - Rental Housing for the Elderly 14.138 $ 753,398