Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: A.) Basis of PresentationThe accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal awards activityof the Authority under programs of the federal government for the year ended December 31, 2022. Theinformation in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of FederalRegulations Part 200, Uniform Admirative Requirements, Cost Principles, and Audit Requirements for FederalAwards (Uniform Guidance). Because the Schedule presents only a selected portion of our operations, it is notintended to and does not present our financial position, changes in net positions, or cash flowsB.) Summary of Significant Accounting PoliciesThe expenditures on the Schedule are reported on an accrual basis of accounting, such expenditures arerecognized following the cost principles contained in the Uniform Guidance and/or OMB Circular A87, CostPrinciples for State, Local, and Indian Tribal Governments, wherein certain types of expenditures are not allowableor are limited for reimbursement.D.) SubrecipientsDuring the fiscal year ended December 31, 2022, Mifflin County Housing Authority disbursed no federal funds tosubrecipients.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
RURAL RENTAL HOUSING LOANS (10.415) - Balances outstanding at the end of the audit period were 329818.