Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Tioga Opportunities, Inc. and Subsidiary and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic consolidated financial statements.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
RURAL RENTAL HOUSING LOANS (10.415) - Balances outstanding at the end of the audit period were 565829.
Title: Note B: Food Program For Women, Infants, Children
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Tioga Opportunities, Inc. and Subsidiary and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic consolidated financial statements.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
Non-monetary assistance is reported in the schedule for the fair market value of the food coupons redeemed during the year, totaling $573,741.
Title: Note C: Rural Rental Housing Loans
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Tioga Opportunities, Inc. and Subsidiary and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic consolidated financial statements.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The federal expenditures for the rural rental housing loans consists of the outstanding mortgages payable at December 31, 2021 of $636,805 and the interest subsidy for the year ended December 31, 2022 of $51,019.