Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Corporation under programs of the federal government for the year ended September 30, 2025. 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.
The federal expenditures reported for Assistance Listing Numbers 14.134 represents U.S. Department of Housing and Urban Development’s fully insured mortgage balances under the National Housing Act, and represent loan balances as of October 1, 2024. The total insured loan balance as of September 30, 2025, totaled $14,167,827. There were no new loans, interest subsidies, cash or administrative cost allowances received during the year ended September 30, 2025.
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% de minimus indirect cost rate allowed under the Uniform Guidance.