Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Basisofpresentation:Theaccompanyingscheduleoffederalawards("schedule")includesthefederalawardandloanactivityoftheOrganizationunderprogramsofthefederalgovernmentfortheyearendedDecember31,2022.TheinformationinthisscheduleispresentedinaccordancewiththerequirementsofTitle2U.S.codeofFederalRegulationsPart200,UniformAdministrativeRequirements,CostPrinciples,andAuditRequirementsforFederalAwards("UniformGuidance").Therefore,someamountspresentedinthisschedulemaydifferfromamountspresentedin,orusedinthepreparationof,thebasicfinancialstatements.Summaryofsignificantaccountingpolicies:Expendituresreportedontheschedulearereportedontheaccrualbasisofaccounting.SuchexpendituresarerecognizedfollowingthecostprinciplescontainedintheUniformGuidance,whereincertaintypesofexpendituresarenotallowableorarelimitedastoreimbursement.TheOrganizationhaselectedtonotusethe10%deminimumsindirectcostrateallowedunder the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS (14.155) - Balances outstanding at the end of the audit period were 710841.