Notes to SEFA
Title: Insured Mortgage Loan
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant
activity of the Cooperative under programs of the federal government for the year ended July 31, 2023.
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 (the Uniform Guidance). Because the Schedule presents only a selected
portion of the operations of the Cooperative, it is not intended to and does not present the financial
position, results of operations, or cash flows of the Cooperative.
De Minimis Rate Used: N
Rate Explanation: The Cooperative’s federal award is not based on eligible costs incurred. Accordingly, the Cooperative has not made an election related to use of the 10% de minimis indirect cost rate described in the Uniform Guidance.
Federal expenditures for the mortgage insurance program represent the principal balance of the insured loan as of July 31, 2022. The loan is outstanding from a previous period. The federal government imposes continuing compliance requirements on this loan. The loan balance at July 31, 2023 was $7,829,365.