Notes to SEFA
Title: Note 3
Accounting Policies: The schedule of expenditures of federal awards is prepared on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected to not use the 10% de minimis cost rate.
The balance of HUD Section 202 mortgage note payable at February 28, 2023 is $80,000.
Title: Note 4
Accounting Policies: The schedule of expenditures of federal awards is prepared on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected to not use the 10% de minimis cost rate.
The balance of HUD Section 207 pursuant to Section 223(f) of the mortgage note payable at February 28, 2023 is $1,984,752.