Notes to SEFA
Title: Loan and Loan Programs
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures 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.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
COMMUNITY FACILITIES LOANS AND GRANTS CLUSTER (10.766) - Promissory note to USDA, Rural Development, in the amount of $1,555,000. Monthly principal and interest payments of $5,847 with interest at an effective rate of 2.125%; matures in November 2050; secured by real property. Balances outstanding at the end of the audit period were $1,496,685.