Notes to SEFA
Title: Loan Program
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following OMB Circular A-122 Cost Principles for Nonprofit Organizations of the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The following is the activity of the loan payable for the year ended August 31, 2022: Assistance Listing Number: 14.155; Program Name: Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects (Section 223(f)), Loan Outstanding August 31, 2021, 4,456,663, Loan Awarded for the Year Ended August 31, 2022:$0, Loan Principal Repaid for the Year Ended August 31, 2022: 217,907; Loan Outstanding August 31, 2022: 4,238,756.