Notes to SEFA
Title: NOTE 3 NONMONETARY ASSISTANCE
Accounting Policies: NOTE 1SIGNIFICANT ACCOUNTING POLICIESThe accompanying Schedule of Expenditures of Federal Awards is a summary of Chenango Housing Improvement Program, Inc.s federal award programs. All federal awards are presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the presentation of basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Of the $284,418 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.
Title: NOTE 4 RURAL RENTAL HOUSING LOANS
Accounting Policies: NOTE 1SIGNIFICANT ACCOUNTING POLICIESThe accompanying Schedule of Expenditures of Federal Awards is a summary of Chenango Housing Improvement Program, Inc.s federal award programs. All federal awards are presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the presentation of basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
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.