Notes to SEFA
The schedule of expenditures of federal awards includes the federal grant activity of the Bank of North Dakota and is presented on the accrual basis of accounting. 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. No federal financial assistance has been provided to a subrecipient. The Bank has not elected to use the 15% de minimis cost rate.
The outstanding balance of guaranteed FHA residential loans on which there are continuing compliance requirements totaled $126,684,456 as of December 31, 2025.
The outstanding balance of guaranteed VA residential loans on which there are continuing compliance requirements totaled $73,526,096 as of December 31, 2025.