Notes to SEFA
Title: LOAN GUARANTEES AND INSURANCE
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards (the Schedule) are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
MORTGAGE INSURANCE_HOMES (14.117) - Balances outstanding at the end of the audit period were 697608858. GINNIE MAE - MORTGAGE INSURANCE - HOMES (14.U00) - Balances outstanding at the end of the audit period were 154813442. VETERANS HOUSING_GUARANTEED AND INSURED LOANS (64.114) - Balances outstanding at the end of the audit period were 78842146. GINNIE MAE - VETERANS HOUSING GUARANTEED AND INSURED LOANS (64.U00) - Balances outstanding at the end of the audit period were 12048186.
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards (the Schedule) are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying Schedule includes the federal award activity of North Dakota HousingFinance Agency under programs of the federal government for the year ended June 30, 2022.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 of Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations of North Dakota Housing Finance Agency, it is not intended to and does not present the financial position, change in net position, or cash flows of North Dakota Housing Finance Agency.