Notes to SEFA
Title: NONCASH FEDERAL AWARDS
Accounting Policies: Basis of Presentation - The accompanying Schedule of Expenditure of Federal Awards is presentedon the accrual basis of accounting in which expenditures are recognized when incurred.The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Codeof Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, andAudit Requirements for Federal Awards. Therefore, some amounts presented in this schedule maydiffer from amounts presented in or used in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Organization elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
In connection with the interest credit agreement with Rural Development, the Organization receivednonmonetary rental assistance of $6,377 for the year ended December 31, 2022. This amount isincluded in the total expenditures for the Rural Rental Housing Loans (CFDA No. 10.415) program inthe accompanying schedule of expenditures of federal awards
Title: LOAN BALANCES
Accounting Policies: Basis of Presentation - The accompanying Schedule of Expenditure of Federal Awards is presentedon the accrual basis of accounting in which expenditures are recognized when incurred.The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Codeof Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, andAudit Requirements for Federal Awards. Therefore, some amounts presented in this schedule maydiffer from amounts presented in or used in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Organization elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The outstanding balance of loans under the Section 515 Rural Rental Housing Loans Program as of December 31, 2022 was $1,086,400, including $38,442 of deferred accrued interest.