Notes to SEFA
Title: 1
Accounting Policies: SEE ATTACHED
De Minimis Rate Used: N
Rate Explanation: THE CORPORATION USED ACTUAL COSTS
The schedule of expenditures of federal awards includes the federal award activity of the Corporation. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Corporation.
Title: 2
Accounting Policies: SEE ATTACHED
De Minimis Rate Used: N
Rate Explanation: THE CORPORATION USED ACTUAL COSTS
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. The Corporation has elected not to use the 10 percent de-minimis indirect cost rate allowed under the Uniform Guidance.
Title: 3
Accounting Policies: SEE ATTACHED
De Minimis Rate Used: N
Rate Explanation: THE CORPORATION USED ACTUAL COSTS
The Corporation received loans directly or indirectly from the U.S. Department of Housing and Urban Development which are included above. If there were no current year advances on the loan, the loan balance above reflects the beginning of the year balance. If there were advances on the under, the loan balance above reflects the highest balance during the year.
Title: 4
Accounting Policies: SEE ATTACHED
De Minimis Rate Used: N
Rate Explanation: THE CORPORATION USED ACTUAL COSTS
Certain grants, while fully expended, contain continuing compliance requirements and are thus included in the Schedule.