Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards (the Schedule) includes thefederal award activity of Benet Place under programs of the federal government for the yearended June 30, 2022. The information in this Schedule is presented in accordance with therequirements of 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, andAudit Requirements for Federal Awards (Uniform Guidance). Because the Schedulepresents only a selected portion of the operations of Benet Place, it is not intended to anddoes not present the financial position, changes in net assets, or cash flows of Benet Place.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting.Such expenditures are recognized following, as applicable, either the cost principles in OMBCircular A-122, Cost Principles for Non-Profit Organizations, or the cost principles containedin Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements,Cost Principles, and Audit Requirements for Federal Awards, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement. Negative amounts shownon the Schedule represent adjustments or credits made in the normal course of business toamounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
SUPPORTIVE HOUSING FOR THE ELDERLY (14.157) - Balances outstanding at the end of the audit period were 2577938. The balance of the HUD capital advance outstanding at the beginning of the year is includedin the federal expenditures presented in the Schedule. There were no additional HUD loansduring the year. The balance of the HUD insured mortgage outstanding at June 30, 2022 isas follows:FederalCFDA AmountProgram Title Number OutstandingU.S. Department of Housing and Urban Development:Section 202 Capital Advance 14.157 $ 2,577,938