Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: NOTE 1 - BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of United Pejepscot Housing, Inc., Rural Development under programs of the federal government for the year ended December 31, 2022. 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 Requirementsfor Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of United Pejepscot Housing, Inc., Rural Development it is not intended to and does not present the financial position forthe year then ended in accordance with accounting principles generally accepted in the United States of America.NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A. 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. B. Pass-through entity identifying numbers are presented where available. C. United Pejepscot Housing, Inc., Rural Development has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. D. The outstanding balance of loan and loan guarantee programs at December 31, 2022 with continuing compliance requirements which are reported as federal expenditures on the accompanying Schedule of Expenditures of Federal Awards was $1,161,959.58. NOTE 3 - AWARDS TO SUBRECIPIENTS During the year ended December 31, 2022, there were no awards passed through to subrecipients.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
SECTION 8 HOUSING ASSISTANCE PAYMENTS PROGRAM (14.195) - Balances outstanding at the end of the audit period were 288970. RURAL RENTAL HOUSING LOANS (10.415) - Balances outstanding at the end of the audit period were 1161960. The outstanding balance of loan and loan guarantee programs at December 31, 2022 with continuing compliance requirements which are reported as federal expenditures on the accompanying Schedule of Expenditures of Federal Awards was $1,161,959.58.