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 has elected not to use the 10% de minimis indirect cost rate allowed under theUniform Guidance.
In connection with the interest credit agreement with Rural Development, the Organization received nonmonetary rental assistance of $11,622 in the form of an interest credit subsidy for the year ended December 31, 2022. This amount is included in the total expenditures for the Rural Rental Housing Loans (CFDA No. 10.415) program in the 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 has elected not to use the 10% de minimis indirect cost rate allowed under theUniform Guidance.
The outstanding balance of loans under the Rural Rental Housing Loans program (CDFA #10.415) in the accompanying schedule of expenditures of federal awards was $1,262,723, including $56,589 of deferred accrued interest.