Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Basis of presentation: The accompanying schedule of federal awards ("schedule") includes the federalaward and loan activity of the Organization under programs of the federal government for the year endedDecember 31, 2022. The information in this schedule is presented in accordance with the requirements ofTitle 2 U.S. code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles,and Audit Requirements for Federal Awards ("Uniform Guidance"). Therefore, some amounts presented inthis schedule may differ from amounts presented in, or used in the preparation of, the basic financialstatements.Summary of significant accounting policies: Expenditures reported on the schedule are reported on theaccrual basis of accounting. Such expenditures are recognized following the cost principles contained in theUniform Guidance, wherein certain types of expenditures are not allowable or are limited as toreimbursement. The Organization has elected to not use the 10% de minimums indirect cost rate allowedunder 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 1381132.