Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: 2. Summary of Significant Accounting Policies(a) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the Uniform Guidance,wherein certain types of expenditures are not allowable or are limited as to reimbursement.(b) The Corporation has elected not to use the 10 percent de minimis indirect cost rate as allowedunder the Uniform Guidance.(c) The outstanding balance of loan and loan guarantee programs at December 31, 2022 withcontinuing compliance requirements which are reported as federal expenditures on theaccompanying schedule of expenditures of federal awards was $854,977.
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 854977.
Title: Basis of Presentation
Accounting Policies: 2. Summary of Significant Accounting Policies(a) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the Uniform Guidance,wherein certain types of expenditures are not allowable or are limited as to reimbursement.(b) The Corporation has elected not to use the 10 percent de minimis indirect cost rate as allowedunder the Uniform Guidance.(c) The outstanding balance of loan and loan guarantee programs at December 31, 2022 withcontinuing compliance requirements which are reported as federal expenditures on theaccompanying schedule of expenditures of federal awards was $854,977.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federalaward activity of Bethany Development Corporation (the Corporation) under programs of the federalgovernment for the year ended December 31, 2022.The information in this Schedule is presented in accordance with the requirements of Title 2 U.S.Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, CostPrinciples, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedulepresents only a portion of the Corporation, it is not intended to and does not present theCorporations financial position, changes in net assets or cash flows.