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 position, or cash flows of the Corporation.
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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The Corporation has elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The USDA Rural Rental Housing Loan (ALN 10.415) is administered directly by the Corporation, and balances and transactions relating to the program are included in the Corporation’s basic financial statements. The loans outstanding at the beginning of the year ($893,840) plus the current year interest subsidies received ($34,390) are included in federal expenditures presented in the schedule of expenditures of federal awards. The balance of the loans outstanding at September 30, 2025 was $869,743.