Notes to SEFA
Title: Loans Receivable Outstanding
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the Federal assistance activity of the Organization and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10% de minimis cost rate for its Federal programs.
Total Title II Non-supervised Mortgages include the highest outstanding loans receivable balance serviced by the Organization for other lenders under the Federal Housing Administration loan program and totaled $3,716,509 during fiscal year 2023. The total loans receivable balance as of March 31, 2023, was $2,865,895. There were no additions to the portfolio for the year ended March 31, 2023.