Notes to SEFA
Title: Scope of Presentation
Accounting Policies: The expenditures included in the accompanying schedule were reported on a accrual basis of accounting. Expenditures
are recognized in the accounting period in which the related liability is incurred. Expenditures reported included any
property or equipment acquisitions incurred under the federal program.
The Schedule was prepared from only the accounts of the grant programs and, therefore, does not present the financial
position or results of operations of the Project.
De Minimis Rate Used: N
Rate Explanation: The Project has elected not to use the 10% de minimis cost rate allowed in the Uniform Guidance, Section 414.
The accompanying schedule presents the expenditures incurred (and related awards received) by the Project that are
reimbursable under federal programs of federal agencies providing financial assistance and state awards. For the
purposes of this schedule, only the portion of program expenditures reimbursable with such federal or state funds are
reported in the accompanying schedule. Program expenditures in excess of the maximum federal or state reimbursement
authorized or the portion of the program expenditures that were funded with local or other nonfederal funds are
excluded from the accompanying schedule.
Title: Ending Loan Balances
Accounting Policies: The expenditures included in the accompanying schedule were reported on a accrual basis of accounting. Expenditures
are recognized in the accounting period in which the related liability is incurred. Expenditures reported included any
property or equipment acquisitions incurred under the federal program.
The Schedule was prepared from only the accounts of the grant programs and, therefore, does not present the financial
position or results of operations of the Project.
De Minimis Rate Used: N
Rate Explanation: The Project has elected not to use the 10% de minimis cost rate allowed in the Uniform Guidance, Section 414.
Mortgage Insurance for the Purchase of Refinancing of Existing
Multifamily Housing Projects 09/30/23 $ 1,358,314
Title: Basis of Accounting
Accounting Policies: The expenditures included in the accompanying schedule were reported on a accrual basis of accounting. Expenditures
are recognized in the accounting period in which the related liability is incurred. Expenditures reported included any
property or equipment acquisitions incurred under the federal program.
The Schedule was prepared from only the accounts of the grant programs and, therefore, does not present the financial
position or results of operations of the Project.
De Minimis Rate Used: N
Rate Explanation: The Project has elected not to use the 10% de minimis cost rate allowed in the Uniform Guidance, Section 414.
The expenditures included in the accompanying schedule were reported on a accrual basis of accounting. Expenditures
are recognized in the accounting period in which the related liability is incurred. Expenditures reported included any
property or equipment acquisitions incurred under the federal program.
The Schedule was prepared from only the accounts of the grant programs and, therefore, does not present the financial
position or results of operations of the Project.