Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The Schedule includes the federal and state activity of the Corporation and is presented on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and UGMS, where certain types of expenditures are not allowed or are limited as to reimbursement. Therefore, some amounts presented in the Schedule may differ from amounts presented in or used in the preparation of the financial statements.The Corporation has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.Included in the Schedule are balances at August 31, 2022 of loans from the Capital Magnet Fund for the construction and remodeling of affordable low income housing projects. Uniform Guidance requires that the Schedule include the total amount of federal awards expended for loan or loan guarantee programs which include the value of new loans made or received during the year plus the beginning of the period balance of loans from previous years for which the federal government imposes continuing compliance requirements. The Capital Magnet Fund had a total loan balance of $3,562,500 as of August 31, 2022.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
CAPITAL MAGNET FUND (21.011) - Balances outstanding at the end of the audit period were 3562500.