Notes to SEFA
Title: Virginia Housing
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance (theschedule) includes the federal and state grant activity of Frontier under programs of the federal andstate governments for the year ended June 30, 2022 on the accrual basis. The Organization has notelected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. AtJune 30, 2022, Frontier had no outstanding Federal loan balances requiring continuing disclosure.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Section 202 Mortgage Assistance is the balance of the note payable to Virginia Housing at June 30,2022. Amortization payments are collected by Virginia Housing through offsets against subsidy payments.